The price of Litecoin (LTC) is rebounding after breaking through resistance at $115. Bullish momentum has broken above the moving averages, suggesting further upward price movement.
Moreover, the LTC price has broken through the descending channel resistance line and closed above it. This suggests that the previous trend has ended. On the upside, LTC/USD should rise and regain the previous highs of $165 and $150. However, if the bullish scenario proves to be invalid, Litecoin could fall back to the $115 breakout level. At press time, the currency is trading at $137.
Litecoin indicator analysis
LTC price is above the 21-day line SMA and the 50-day line SMA, indicating that the altcoin is in an uptrend. Litecoin is at level 61 of the Relative Strength Index for period 14. LTC/USD is now in an uptrend and is capable of further upward movement. Likewise, Litecoin is trading above the 80% area of the daily stochastic. This indicates that the market has reached the overbought area. Litecoin could go down if sellers appear in the oversold region.
Technical Indicators:
Resistance Levels: $240, $280, $320
Support Levels: $200, $160, $120
What is the next move for Litecoin?
Litecoin is in a gentle uptrend. The cryptocurrency moved in a range between $105 and $115 for two weeks. On February 4, the bulls broke through resistance at $115 and the altcoin rallied to the upside. Litecoin has started a new uptrend and is returning to its previous highs.
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 funds.
Source: https://coinidol.com/litecoin-rejection-142/