Litecoin in a Brief Fall, Eyes Fresh Rally above $200
Jan 08, 2021 at 11:57 //
NewsLitecoin is making an upward move after falling to $149.55 low. Buyers have again pushed the coin to $171 high at the time of writing.
Yesterday, January 7, the altcoin made positive moves as the coin rallied to a $180 high. The Relative Strength Index period 14 has indicated that the crypto is at level 75. At that level, the crypto is in the overbought region and has no room to rally on the upside.
Rather, the altcoin may face a possible decline. Nonetheless, the bulls have recouped above the $150 support after a sudden decline to the previous low. Litecoin's next target will be a rally above $200 if the bulls overcome the $180 resistance level. Nevertheless, if the bulls fail to clear the $180 resistance level, the crypto will be range-bound between $150 and $180.
Litecoin indicator analysis
Yesterday, there was an appearance of a Doji candlestick which indicated a possible reversal of the coin. The coin has fallen but the bulls have resumed a fresh uptrend. The crypto is above the 80% range of the daily stochastic. It indicates that sellers are likely to emerge to push prices down.
Key Resistance levels: $180, $200, $220
Key Support levels: $100, $80, $60
What is the next move for Litecoin?
The altcoin has resumed another uptrend. On January 7 uptrend; the coin was resisted at the $180 high. However, the retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Litecoin will rise to level 2.618 Fibonacci extensions or the high of $237.88.
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