Litecoin has made an impressive move as it gets completely out of the range-bound zone and breaks above the EMAs. There is cogent reason to believe that the uptrend is likely to continue. Initially, the bulls succeeded in breaking the resistance line.
At other times, buyers also succeed in breaking above the EMAs. The market will reach a high of $50 but may face minor resistance at $52. Litecoin will move up to battle the resistance at $60. LTC is currently trading at $46, if the bulls fail to sustain the price above the current level, the market may fall back to the range-bound zone.
Presently, the price has broken above the EMAs. This explains that Litecoin is rising. The uptrend will continue as long as the price is above the EMA. Secondly, LTC is approaching the overbought region of the market. It indicates that the market is in a strong bullish momentum.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is in an upward move as the bulls take temporary control of price. Meanwhile, buyers are facing resistance at $46. Besides that, the bulls are likely to face other resistance at $48 and $50 before reaching $60 resistance. The pair will remain in the downtrend zone until the bulls jumped over the final hurdle at $60.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.