The price of Litecoin (LTC) has broken out above the moving averages as the altcoin rises to retest resistance at $140. The previous uptrend was halted at the $140 resistance. Today, the current uptrend has reached a high of $120 as we write this article.
Nonetheless, Litecoin has entered the overbought region as the price rises to the high of $140. However, in the overbought region, further upside is doubtful as sellers will show up and push prices lower. If the price breaks through the resistance at $140, LTC/USD will rise to $150 or $160. On the other hand, if the altcoin meets with rejection, the market will decline and return to a trading range between $115 and $140.
Litecoin indicator analysis
The recent uptrend has taken the altcoin to the 61 level of the Relative Strength Index for the 14 period. This suggests that further upward movement is possible. The price of the cryptocurrency is above the moving average, which guarantees further upward movement of the cryptocurrency. Litecoin is above the 80% area of the daily stochastic. This indicates that the market has reached an overbought region or bullish exhaustion.
Technical Indicators:
Resistance Levels: $240, $280, $320
Support Levels: $200, $160, $120
What is the next move for Litecoin?
On the 4-hour chart, Litecoin is in an uptrend. The upward movement is marginal as the altcoin is approaching the high of $140. Meanwhile, the March 20 uptrend has a candlestick body testing the 38.2% Fibonacci retracement level. The retracement suggests that LTC will rise to the 2.618 Fibonacci Extension level or $135.
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-140-high/