Litecoin (LTC) rebounded twice above $54 as price hit the $64 resistance. Buyers have made an impressive move as the coin trades above the EMAs and the $60 support.
The recent upside momentum can be sustained if the price is sustained above $60 support. Yesterday, August 31, buyers failed to break the $64 resistance but retraced to $62 low. LTC is fluctuating above the $60 support. The minor resistance at $64 is impeding the recent bullish momentum.
Litecoin will have a chance to break the resistance if it rebounds above the current support at $62. A strong bounce will propel the price to break the minor resistance and retest the $68 resistance. Litecoin will achieve the target price of $85 once the $68 resistance is cleared. The danger is that if buyers fail to sustain a price above $60, sellers will take advantage to break below it. It is likely the coin will decline to $54 low.
Yesterday the rebound pushed LTC into the ascending channel. Technically, when price breaks above the trend line and closes, the upward move will continue. Incidentally, the rebound pushed the price above the EMAs. This suggests that an upward move of the coin is expected. The coin is at 55 of the Relative Strength Index period 14. It indicates that LTC is in the uptrend zone.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Today, Litecoin is trading at $63 at the time of writing. In the uptrend of August 17, LTC was resisted at $68. The price retraced and a red candle body tested the 50% Fibonacci retracement level. This suggests that LTC will rise and reach the 2.0 Fibonacci extension level. In other words, the market will reach a high of $85.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.