Litecoin (LTC) has continued its rallies as bulls broke above the previous peak price of $82. Initially, the LTC price was making a series of higher highs and higher lows.
Also, the upward move was temporarily halted at the $84 high as the bears pushed LTC to $80 support on November 22. However, after the correction, the bulls broke the $84 resistance to push the LTC rally to a $90 high. On the upside, if buyers can push LTC above $90, the coin will rally above $100 high.
Perhaps, the uptrend will resume. However, if buyers fail to resume the upside momentum, LTC will be compelled to a sideways move for a few days. This may be caused by the formation of a Doji candlestick in today’s candle formation. Today’s candlestick has a long wick. It indicates that there is strong selling pressure at higher levels. Similarly, on November 22, the $80 support was holding because of the formation of a candlestick with a long tail. The long tail indicates that there is strong buying pressure at lower levels of price. In a nutshell, the altcoin may be range-bound between $80 and $90.
The recent price surge has broken above the resistance line of the ascending channel. It indicates that the coin will continue its upward move. The crypto is also in a strong bullish momentum. This is in view of the daily stochastic indicating price at the overbought region.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Presently, LTC price has surpassed the projected price level of the Fibonacci tool analysis. The price action has indicated that the coin has risen to a high of $90. Meanwhile, the retraced candle body on October 31 tested the 61.8% Fibonacci retracement level. This retracement implies that Litecoin will rise and reach level 1.618 Fibonacci extensions. That is, the altcoin will reach a high of $70. Presently, the price action has surpassed this level.
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.