Litecoin Unable to Break $51 Resistance as Sideways Move Lingers
Buyers are making frantic efforts to break above the $51 resistance. Today will be the third attempt at the $51 resistance.
In the previous attempts, buyers were repelled as the price fell to the lower price range. The upside momentum will resume if buyers push the coin above the $55 high. The market has not reached the targeted price level to resume the upside momentum.
Possibly, a strong bounce below the $51 resistance will enable price to break the resistance level. When buyers break the resistance level, LTC will rise above $55 high. Subsequently, the momentum will extend to $64 high. On the other hand, if buyers fail to scale above the resistance, LTC will fall to the lower price range. A break below the current support will make the coin to reach $39 low.
Litecoin indicator analysis
The price bars are still below the EMAs which suggest that the market is in the bearish trend zone. In the meantime, price is attempting to break above the EMAs. A break above the EMAs will accelerate price movement on the upside.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
Litecoin is still trading within the price range of $45 and $51. The Fibonacci tool analysis will resurface if the current support is breached. A green retracement candle body tested the 78.6% Fibonacci retracement level on September 4. It indicates that the coin will decline to 1.272 Fibonacci extension level or $39 low. This decline will become necessary if the $45 support is breached.
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.
Source: Read Full Article