Litecoin Sustains Holds above $43, Faces Rejection at $46 Resistance
Jul 24, 2020 at 11:03 //
News
Litecoin has made an impressive move to the high of $46 after a strong bounce on July 21. Buyers have already retested this price level on July 8 in the first uptrend.
Later, the coin dropped to a low of $41. The price corrected upward but reached a high of $43. The bulls could not penetrate the $43 resistance as the coin was compelled to a range-bound movement below the resistance.
After six days of range-bound movement below the resistance, LTC rebounded above $42 support to break the $43 resistance. The price rose and reached a $44 high. There was a pullback to $43 support. Litecoin rebounded again after the pullback as price broke the $44 resistance. The momentum extended to retest the $46 high. On the upside, if the bulls break the $46 resistance, LTC will rally above the $51 overhead resistance. The crypto will be compelled to range-bound movement between $44 and $46 if the $46 resistance remains unbroken.
Litecoin indicator analysis
The price is now above the EMAs which suggests a further upward move into the previous highs. The market is now in a bullish movement as LTC is above 50% range of the daily stochastic. The EMAs are sloping horizontally as the price was earlier in a downtrend.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
Litecoin is presently retracing after testing the resistance at $46. The market may resume an upward move if price finds support above $44. Alternatively, a range-bound movement above $44 will resume. The downtrend will resume if price breaks below $44 support.
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
