Following the breakout above $51 overhead resistance, LTC made a further push to the high of $58. The uptrend could not be sustained above $58 high as sellers provide a defence to the recent high.
Today, LTC is rising after sellers have pushed the price to $56 low. Nonetheless, buyers have earlier retested the recent high twice but fail to break above it. In the interim, the price is fluctuating between $54 and $58 because of the recent resistance.
On the upside, a strong bounce above $55 will propel price to break the $58 resistance and rally above $64. Once the bulls break the $64 high, the momentum will extend to $80 high. Conversely, LTC will fall if the bears turn around and break below the $54 support. A drop to $51 support is possible. Today, LTC is rising above $56 support to retest the $58 high.
The recent retracement from the recent high was because LTC is above 80 % range of the daily stochastic. This indicates that the coin is now trading in the overpriced region of the market. It implies that sellers will appear in that region to push prices down. The selling pressure has taken its toll. There is a likelihood of further upward move as the price is above the EMAs.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin has a chance of reaching its target price of $64 if the price breaks the recent high. The target price of $64 is possible if the bulls overwhelm the bears in the current consolidation between $54 and $58. A red candle body tested the 0.50 retracement level. It indicates that price will rise and reach level 2.0 Fibonacci retracement. In other words, the next target price will be $64 high.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.