Litecoin Retesting the $60 High Severally but Unable Push above It
Aug 07, 2020 at 10:00 //
News
Today, buyers are attempting to break the $60 high and push LTC to higher price levels. These attempts have been ongoing soon after the sudden decline.
LTC is expected to reach its first target at $65 if the current resistance is breached. Otherwise, the market will continue its fluctuation below $60 high.
There is a danger if a price fluctuation persists; the bears may want to break the $56 support level. This will push LTC to the lower region of the market. There is the tendency of price revisiting the previous low of $51. LTC will resume its uptrend if buyers are successful above the current resistance.
Litecoin indicator analysis
LTC is trading at level 68 of the RSI period 14. The market is in the bullish trend zone as the price is likely to rise. Also, the coin will rise as long as the price is above the EMAs. The EMAs are rising and pointing northward indicating the uptrend.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
After the current sideways move, the price is likely to rise. The price is still testing the 0.382 Fibonacci retracement level. This means that the coin will rise to the 2.618 Fibonacci extension level. This is equivalent to the target price of $65. The uptrend will continue after the target price of $65.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow