Litecoin Jumps Above $43 and $47 Resistances, Struggles to Sustain Uptrend
May 01, 2020 at 10:05 //
News
Litecoin made another rebound on April 29 to break the resistance at $47. The market reached a high of $50.70 but was resisted.
In a swift reaction, the bears defended the higher price levels as the market fell above $46 support. The support is holding as the bulls make a fresh upward move. As the market resumes uptrend, LTC is faced to battle the resistance at $47 and $50.
Nonetheless, if the market rebounds at the low of $46, the price will break through the resistance of $47 and $50. Litecoin is expected to rally to a high of $60 if the bulls are successful. Meanwhile, if the bulls fail to break through the resistance, the market will continue to fluctuate between $46 and $50. This will indicate that the bulls lack buying at higher levels
Litecoin indicator analysis
As the market rose to $50.70, LTC reached the overbought region. Sellers immediately emerged to push prices downward. Presently, LTC is in the overbought region but below 80% range of the daily stochastic. Bullish signals are indicating an upward move but this is contradicting the indicator.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
Litecoin is pushing upward given the latest price upswing of Bitcoin on April 29. Buyers have broken the resistances of $43 and $47, but they are struggling to sustain the upward move. It is expected that the bulls will defend the $47 support to sustain the uptrend.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow