Litecoin (LTC) price analysis, October 9, 2020. Litecoin is making positive moves for the past few days. The coin has rebounded twice but buyers fail to sustain the current uptrend above $48 high.
Each time the coin rebounds, LTC will fall back to the current price range between $45 and $47. Yesterday, October 8, a strong bounce above $45.60 reached a high of $47.50. However, the selling pressure made the coin to fall back to the current price range. LTC is now facing two hurdles at $47.50 and $48.
On the upside, if buyers clear the resistance levels, the coin will rally above $51. Possibly, Litecoin will resume upside momentum as price revisits the previous high of $63. Nonetheless, if the bulls fail to clear these resistance levels, the current fluctuations will continue. Perhaps, we will witness another breakdown. The crypto is trading at $46.90 at the time of writing.
LTC price has broken the 21-day SMA but unable to break the 50-day SMA. The altcoin will rise when price breaks above the SMAs. More so, the upward move is doubtful as price faces rejection at $47.50. Also, the coin is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
From the price action, Litecoin has the possibility of a further upward move. On October 8 uptrend; LTC was rejected at $47.50 high. However, the retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the coin will rise and reach level 1.272 Fibonacci extension or $48.12 high. Unfortunately, the coin will reverse at that price level to the 78.6% Fibonacci extension level where it originated.
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.