Litecoin Retraces at $174 Resistance, Poises for Fresh Uptrend

Litecoin has broken the previous price range as LTC rallied above the resistance at $160. The breakout was short-lived as the price got stuck below $175 high.

The recent high has to be broken for the continuity of the uptrend. In the previous price action, the recent high was broken as the market reached a high of $175. For the past week, buyers and sellers were in price tussles between $140 and $160. 

The bulls have the upper hand as the price broke the $160 resistance. Litecoin is trading at $168 at the time of writing. The cryptocurrency is expected to rally to a $200 high if buyers push the price above the $175 resistance. Further bullish momentum is likely on the upside. Conversely, if the price turns down from the $175 resistance, the bears might want to sink the altcoin below the $160 support. The market will fall to the previous price range.

Litecoin indicator analysis

In today’s candlestick, the price action is indicating a long wick. It indicates that there is strong selling pressure at the $180 resistance zone. LTC is below the 80% range of the daily stochastic. The market was earlier in an overbought condition. The cryptocurrency is in a downward move. The market is at level 62 of the RSI indicating that there is not enough room for price to rally on the upside.

Technical indicators:  

Major Resistance Levels – $180 and $200

Major Support Levels – $160 and $140

What is the next move for Litecoin?  

Litecoin bulls fail to push on the upside as the market resumes a downward move. On February 9, uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the coin will rise to level 2.0 Fibonacci extension level or a low of $165.51. The price action has already confirmed this level as the market is likely to move up.  

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.

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