Today, Buyers have pushed Litecoin to the high of $165 but it is retracing after rejection from the recent high. The current upward move has been made possible after LTC rebounded above the $140 support level.
Before the rebound, the crypto has been in range-bound movement between $135 and $150 after the January 11 downtrend. Today, the price has broken the range-bound movement as the coin moves up to retest the $185 resistance.
The current upward move is facing resistance at $166. On the upside, LTC will soon retest or break the $185 resistance, if the $166 resistance is breached. However, the current range-bound movement may continue if the upward move becomes impossible. The altcoin is trading at $162.88 at the time of writing.
LTC has risen level 60 of the Relative Strength index period 14. It indicates that the market is likely to rally on the upside. The crypto’s price has broken above the 21-day SMA which suggests an upward movement of the coin. The bullish trend line symbolizes that the uptrend is ongoing, except it is broken.
Resistance Levels: $160, $180, $200
Support Levels: $100, $80, $60
Litecoin has very good chances of a further upward move. LTC is rising to break the $185 overhead resistance. On the January 10 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This gives the impression that the coin will rise to level 1.618 Fibonacci extension level or a high of $254.28.
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.