Buyers are making frantic efforts to break above the $51 resistance. Today will be the third attempt at the $51 resistance.
In the previous attempts, buyers were repelled as the price fell to the lower price range. The upside momentum will resume if buyers push the coin above the $55 high. The market has not reached the targeted price level to resume the upside momentum.
Possibly, a strong bounce below the $51 resistance will enable price to break the resistance level. When buyers break the resistance level, LTC will rise above $55 high. Subsequently, the momentum will extend to $64 high. On the other hand, if buyers fail to scale above the resistance, LTC will fall to the lower price range. A break below the current support will make the coin to reach $39 low.
The price bars are still below the EMAs which suggest that the market is in the bearish trend zone. In the meantime, price is attempting to break above the EMAs. A break above the EMAs will accelerate price movement on the upside.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is still trading within the price range of $45 and $51. The Fibonacci tool analysis will resurface if the current support is breached. A green retracement candle body tested the 78.6% Fibonacci retracement level on September 4. It indicates that the coin will decline to 1.272 Fibonacci extension level or $39 low. This decline will become necessary if the $45 support is breached.
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.