Litecoin Makes an Upward Move And Challenges $62 High
Sep 06, 2022 at 10:07 //
PriceThe price of Litecoin (LTC) is in an uptrend, but faces a rejection of the recent high. The cryptocurrency got stuck at the $62 resistance zone.
Long-term forecast of Litecoin price: bearish
In the last five days, buyers have made desperate efforts to break the recent high. On the upside, Litecoin will continue to rise if buyers overcome resistance at $62 and $64. Nevertheless, further upside for the cryptocurrency is doubtful as the altcoin is approaching the overbought region of the market.
The altcoin will decline if it encounters rejection in the resistance zones. If Litecoin declines and falls below the moving average lines, LTC/USD will retake the previous low at $52. Meanwhile, Litecoin is trading at $60 below the resistance zones.
Litecoin indicator analysis
Litecoin is at level 56 of Relative Strength for the period 14. The cryptocurrency is trading in the bullish trend zone as the price breaks above the moving average lines. The cryptocurrency's price bars are above the moving average lines, indicating a possible upward movement. The cryptocurrency is above the 70% area of the daily stochastic. Litecoin is in a bullish momentum and approaching the overbought zone.
Technical Indicators:
Key resistance levels - $200 and $250
Key support levels - $100 and $50
What is the next move for Litecoin?
Litecoin has been in an upward correction but faces a rejection at the recent high. The coin will fall as it faces a rejection at the recent high.
On the weekly chart, a candlestick has tested the 78.6% Fibonacci retracement level on March 21. The retracement suggests that the LTC price will fall but reverse at the 1.272 Fibonacci extension level or $0.39.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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 in funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow