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Litecoin Is Range Bound as It Faces Stiff Resistance at $80

#OhNoCrypto

Feb 26, 2020 at 09:04 //

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The bulls have made concerted efforts to push the price above the resistance

On February 25, Litecoin attains the high of $80 but the bulls have made concerted efforts to push the price above the resistance. LTC fell to a low of $72 because of the bull’s inability to break above the current resistance. It is noteworthy to know that the current resistance has not been broken since August 2019. On February 13 and 14, the current resistance was partially broken by the bulls as the price reached a high of $84.

This current high was repelled as the coin fell to a low of $68. The bulls are still battling below the current resistance at $80. LTC will rally and reach the high of $100 if the resistances at $80 and $84 are broken. Conversely, LTC will fall to $66 low and be in a range-bound move, if the bulls fail to push the price above $80.

Litecoin Indicator Analysis 

LTC is currently at level 53 of the daily RSI which implies that the coin is in the uptrend zone. LTC will rise since it is above the centerline 50. Now, the 12-day EMA and the 26-day EMA provides support for LTC upward move.

LTC-CoinIdol_(8).png

Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20

What Is the Next Direction for Litecoin?

Litecoin is currently in an uptrend but battles the $80 resistance. The bulls will overcome the resistance at $80 if more buyers introduced at a higher price level. The sellers will be more in the higher price levels that is why LTC has failed to move up. 

Disclaimer. This analysis and forecast are the personal opinions of the author 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.



OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow