Yesterday, Litecoin bulls have continued their impressive bullish runs as the crypto reached the February high of $80. In the last 24 hours, the coin rebounded above the $72 support as it rallied above the $80 high.
Before the recent rally, Litecoin has been in a sideways move between $72 and $76.The bulls and bears have been in a price tussle to break these range-bound levels.
The recent price surge indicated that the bulls have the upper hand. Buyers have been contesting to push the coin on the upside. LTC reached a high of $84 but it is fluctuating between $80 and $84. On the upside, if buyers sustain the uptrend above $80, LTC can rally above $100. Conversely, if they fail to hold the $80 support, the crypto will slide down to the $76 support. Subsequently, the downtrend will resume.
Litecoin is trading above the 80% range of the daily stochastic. The crypto is trading in the overbought region of the market. The implication is that in a strong trending market the bullish momentum will continue. That is LTC will continue to rise. The moving averages are pointing northward indicating the uptrend.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is capable of a further upward move if the current bullish momentum is sustained. From the price action, the retraced candle body tested the 50% Fibonacci retracement level on November 7. This retracement indicates that Litecoin will rise and reach level 2.0 Fibonacci extension. That is, the altcoin will reach a high of $77.27. This price level has already been surpassed by the coin.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.