Interestingly, the bulls have successfully pushed LTC above the $40 resistance. Previously, Litecoin was in a tight consolidation as the market fluctuated between $36 and $40.
Besides that, the bulls also broke the resistance line of the descending channel. Once price breaks and closes above a resistance line, it gives the impression that there is a change in the trend.
Nevertheless, LTC can move up, if the current price is sustained above $40. Possibly a retest at the $43 resistance is likely. A break above $43 resistance will push LTC out of the downtrend zone. Litecoin can as well commence the resumption of an uptrend. We expect to reach the target price of $50 and $60 if the uptrend is successful.
Litecoin Indicator Analysis
LTC is presently above the 60% range of the daily stochastic. LTC has bullish momentum. The price bars are above the 12-day EMA. There was a price spike that was resisted by the 26-day EMA. The market will be in an uptrend if the price is above the EMAs.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What Is the Next Move for Litecoin?
Litecoin is presently above the $40 resistance. The bulls are expected to push prices to the previous highs. Nevertheless, if the price is resisted and it turns down from $43 price level, it may fall to the low of $35. Conversely, if successful, the market will reach a high of $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.