Litecoin Retraces, Poises to Retest the $170 Resistance
For the past 24 hours, Litecoin has been retracing after making positive moves into the $173 resistance zone.
The crypto has retraced and found support above the SMAs and it is trading at $154 at the time of writing. The current support suggests a further upward movement of the coin. Nonetheless, the recent rally to the $173 high was a breakout at the $140 price level.
The altcoin was earlier confined between $120 and $140 for over a week before the recent breakout. Presently, the crypto is consolidating above the $150 support for a possible upward move. On the upside, if buyers push the coin above the $170 resistance, the coin will rally above the $200 high. However, the current fluctuation will continue if the current resistance level remains unbroken.
Litecoin Indicator Analysis
Litecoin is above the 80% range of the daily stochastic. It indicates that the coin is in a strong bullish momentum. The crypto is still trading in the overbought region of the market. The crypto’s price is making a series of higher highs and higher highs.
Resistance Levels: $160, $180, $200
Support Levels: $100, $80, $60
What Is the Next Move for Litecoin?
Yesterday, Litecoin was retracing after the recent rally. There is a likelihood of a further upward move. On January 4 uptrend, the coin was resisted at $170, but the retraced candle body tested the 61.8% Fibonacci retracement level. This gives this impression that the coin will rise to level 1.618 Fibonacci extension level or a high of $202.77.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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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