Litecoin Is Close to $60 as Uptrend Resumption Is Imminent

Litecoin Is Close to $60 as Uptrend Resumption Is Imminent

August 14, 2020

Litecoin range bound movement has continued unabated because buyers failed to break the $60 resistance. About 24 hours ago, LTC rebounded above the $54 to reach a high of $58.

Sellers have earlier pushed the price to $54 to sink the altcoin but buyers recovered immediately. LTC has fallen to the range-bound zone as buyers and sellers continue their price tussle. The current price range will be terminated if LTC rebounded above $56 support. 

The broken $60 resistance will give free passage for the price to rally above the $65 high. The momentum will continue to reach the target price of $68. Nonetheless, the current range may persist, if the $60 resistance remains unbroken. LTC is still trading at $56 at the time of writing.

Litecoin indicator analysis

Litecoin has chances of an upward move as price bars are above the EMAs. The 12-day EMA has been partially broken but the coin maintained its uptrend. LTC is now above the 25% range of the daily stochastic. It indicates that the market has bullish momentum. The EMAs are also pointing northward indicating the upward move.

Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20

What is the next move for Litecoin?

For over two weeks, buyers and sellers have not taken control of price, hence the range-bound movement. According to the Fibonacci tool, buyers may have the upper hand. For two weeks, the price action has remained the same. From the August 1 uptrend, a red candle body tested the 0.786 Fibonacci retracement level. The candlestick indicates that the price will rise and reach the 72 extension level or $68 high. At that level, the market will now reverse to 0.786 or 78.6% Fibonacci retracement level where it originated.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.   

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