Litecoin Rebounds but Retraces to $73, May Continue to Build Strength on Market Surge
Yesterday, LTC rebounded above the $63 support as price broke the $68 overhead resistance. Buyers have retested the overhead resistance in August to break above it.
The market has been in a sideways move below the resistance in the last three months. Nonetheless, in October the bulls took control of price as the coin resumed an upside momentum. LTC price has been making a series of higher highs and higher lows before the recent rebound on November 16.
The coin has rallied to the high of $76 after the recent rebound. It is fluctuating between $72 and $76 after a minor retracement. On the upside, if the current momentum is sustained, LTC will rise and retest the February high of $80. On the other hand, if the bulls fail to sustain the current momentum, the bears will attempt to push LTC below the $68 support. Subsequently, the price will fall to a low at $64. Meanwhile, LTC is trading at $73 at the time of writing.
Litecoin indicator analysis
LTC price has broken above the resistance line of the ascending channel. It indicates that if the price breaks the trend line and closes above it, the coin will continue to rise. LTC is presently at level 71 of the Relative Strength Index period 14. It indicates that the crypto is trading in the overbought region of the market. In other words, sellers may emerge to push prices down.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
With the recent rebound, the bulls have taken LTC to the projected price of $75. On November 13 uptrend; the retraced candle body tested the 50% Fibonacci retracement level. This indicates that LTC will rise to 2.0 Fibonacci extensions. That is, Litecoin will reach a high of $75.50.
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.
coinidol.com By Coin Idol