Litecoin Recovers but Struggles to Break the Resistance at $156 High
Jan 15, 2021 at 12:15 //
NewsLitecoin's bullish run has suffered a setback as price was repelled at the $156 high. Today, LTC is falling because of the rejection at the recent high.
The coin has retraced and it is consolidating above the $148 support level. The crypto is likely to resume the upside momentum if the current support holds. In the same vein, on January 5, Litecoin consolidated above the current support when the altcoin faced rejection at the $170 resistance.
The resultant uptrend broke the resistance at $170 after two attempts. Today, the market is expected to move up after the consolidation above the current support. However, this bullish scenario will be invalidated if the bears break below the current support level. Litecoin will continue the downward move if the current support fails to hold.
Litecoin indicator analysis
In the recent breakdown, the crypto’s price broke below the SMAs but pulled above it immediately. This suggests that Litecoin will continue to rise as long as the crypto’s price is above the SMAs. LTC is at level 56 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. The coin is expected to rally.
Key Resistance levels: $180, $200, $220
Key Support levels: $100, $80, $60
What is the next move for Litecoin?
Litecoin has resumed a fresh uptrend after the recent breakdown. The Fibonacci tool has indicated an upward movement of the coin. On January 10 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Litecoin will rise to level 1.618 Fibonacci extensions or the high of $255.86.
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