Litecoin Jumps Above $43 and $47 Resistances, Struggles to Sustain Uptrend

May 01, 2020 at 09:05 // News
Coin Idol
Litecoin to battle the resistance at $47 and $50.

Litecoin made another rebound on April 29 to break the resistance at $47. The market reached a high of $50.70 but was resisted.

In a swift reaction, the bears defended the higher price levels as the market fell above $46 support. The support is holding as the bulls make a fresh upward move. As the market resumes uptrend, LTC is faced to battle the resistance at $47 and $50. 

Nonetheless, if the market rebounds at the low of $46, the price will break through the resistance of $47 and $50. Litecoin is expected to rally to a high of $60 if the bulls are successful. Meanwhile, if the bulls fail to break through the resistance, the market will continue to fluctuate between $46 and $50. This will indicate that the bulls lack buying at higher levels

Litecoin indicator analysis 

As the market rose to $50.70, LTC reached the overbought region. Sellers immediately emerged to push prices downward. Presently, LTC is in the overbought region but below 80% range of the daily stochastic. Bullish signals are indicating an upward move but this is contradicting the indicator.


Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20

What is the next move for Litecoin?

Litecoin is pushing upward given the latest price upswing of Bitcoin on April 29. Buyers have broken the resistances of $43 and $47, but they are struggling to sustain the upward move. It is expected that the bulls will defend the $47 support to sustain the uptrend.  

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.

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