Litecoin Battles Resistance at $48.50, Unable to Resume Upside Momentum
Oct 20, 2020 at 11:10 //
News
Litecoin uptrend is facing major hindrance at the $48.50 high. Yesterday, buyers pushed the price to $48.50 high but were repelled. Today, the upward move was resisted at the same resistance.
Today, LTC is trading at $47 at the time of writing. The crypto will resume upside momentum if buyers break the resistance at $48 and the momentum extends above the $51 high.
The coin will have price acceleration above the $51 support. LTC will rise to $62 high. Conversely, if buyers fail to push the price into the bullish trend zone, the bears will take advantage to push the coin to the previous lows. Perhaps, the coin will slump to $43 low. In the meantime, it is fluctuating above $47.
Litecoin indicator analysis
The coin was previously in a bearish momentum but it is trading above the 40% range of the daily stochastic. The coin is in bullish momentum as buyers attempt to push prices on the upside. The upward move is doubtful as the price bars are below the SMAs. The upward movement will begin when the price bars are above the SMAs.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
Litecoin is likely to break the current resistance at $48 but the upward move will be marginal. On October 19 uptrend, the coin was resisted. The retraced candle body tested the 50% Fibonacci retracement level. This indicates that Litecoin will rise and reach the 2.0 Fibonacci extension level. That is the high of $50.12.
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