In the last 48 hours, Litecoin has consistently maintained its upward move to reach the previous highs. Though, it is expected to face resistance at $63. The bull still has the advantage of an upper hand over the bear. However if the $63 resistance level is breached by the bulls, Litecoin will rally above the $80 price level.
More so, if the resistance level is unbroken, Litecoin may fall or be compelled to a change in trend. The resumption of selling pressure cannot be ruled out if price falls and break the $60. A retest of the $50 support level is possible if the bears are strengthened.
The result of Litecoin’s impressive move was the breaking of the downtrend line for the past two weeks. The price is rising and approaching the bullish trend zone according to the RSI period 14 level 60.
Key Supply Zones: $90, $110, $130
Key Demand zones: $60, $40, $20
LTC is facing a serious hurdle at the $63 resistance level. Litecoin next move is depended upon the $63 price level. Traders are to put their stop loss below the $50 support level if the bulls fail to break the resistance level.
However, if the bulls pulled through the resistance level, stop-loss orders should be above the $50 price level. As the market continues its bullish movement, the stop loss should be varied accordingly.
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.