Litecoin bounces as it makes an upward move to revisit the $62 resistance. On January 17, the bulls made their first attempt to break the resistance at $62 but were resisted. It is anticipated that if the bulls break the $62 resistance, LTC will rally above $66.
Correspondingly, if the tempo is sustained, the bulls will reach another high of $80. Equally, if the resistance at $62 remains unbroken, the $66 and $80 highs will only be a dream. Litecoin may be obligated to a sideways trend.
LTC has the chance to go up since it is trading above level 65 of RSI. The RSI has earlier shown an overbought condition when LTC traded at $62. The bulls are taking other bold steps to retest the price at $62.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
In its second challenge, Litecoin made a stopover but is yet to penetrate the resistance. Certainly, if the bulls are unable to break through the resistance, LTC will resume range bound movement. On the contrary, if LTC falls and breaks below the $50 support, Litecoin will depreciate and the decline will have negative effects on LTC.
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.