Litecoin Makes Positive Moves but Lacks Buying Power at Higher Price Levels

Litecoin Price Long-Term Prediction: Bullish

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.

Litecoin Indicator Analysis

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 

What Is the Next Move for Litecoin?

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.