Litecoin in a Brief Surge, Setting up for a Potential Relief Rally
Jul 07, 2020 at 11:51 //
News
Litecoin rebounded above $41 as the coin reached a high of $43.88 high. Following the recent breakdown on June 27, the bears pushed the coin to $39 low.
The price corrected upward and consolidated above $41 support. The bulls have broken the minor resistance at $42 but the price was stalled at $44.50 resistance.
Litecoin is now fluctuating below the current resistance at $44.50 and above $43 support. A strong bounce above $43 will propel price to break the current resistance and the momentum will extend to retest the $48 and $50 resistance. The crypto will continue to consolidate above $43 if the bulls fail to break above the current resistance.
Litecoin indicator analysis
The price has broken above 12-day EMA and the 26-day EMA. This suggests that LTC will rise if the current momentum is sustained above the EMAs. Presently, LTC is above 40% range of the daily stochastic. It indicates that the market has bullish momentum.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
Litecoin bulls have successfully defended the $40 support which has not been broken since April. Each time the bears push the coin to $39 low, the bulls will buy the dips to push the coin upward. Nevertheless, buyers have to sustain the current momentum above the EMAs. A downward move will ensue if price breaks below the EMAs.
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