Litecoin Rebounds Above $51 as Price Rallies Above $58, Targets $70 High
Nov 06, 2020 at 10:26 //
News
Litecoin has resumed an upward move after the coin recovered from the last bearish impulse on October 30. Buyers have been defending the critical support above $51 when the bears struck thrice to sink the coin.
The bulls buy the dips on October 30, November 3, and 4 to push Litecoin out of downward correction. Interestingly, buyers have succeeded in pushing LTC above the $60 resistance.
Nonetheless, if the current momentum is sustained, the market will rally above the $63 high. Perhaps, the bullish momentum will extend to the $70 high. Today, the $63 resistance is being retested to break it. A break above $63 will accelerate price movement on the upside. The coin has reached a high of $61 at the time of writing.
Litecoin indicator analysis
Yesterday, the price broke the resistance line of the ascending channel. As price breaks and closes above the resistance line, it suggests that the coin has resumed the uptrend. LTC is at level 69 of the Relative Strength Index period 14. It indicates that the crypto is in the uptrend zone.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
The coin has begun the resumption of an uptrend as price breaks the initial resistance at $60. On October 30, the retraced candle body tested the 61.8% Fibonacci retracement level. The retraced candle indicates that the market will rise to 1.618 Fibonacci extensions. That is, Litecoin will reach a high of $69.37.
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