Litecoin Is in an Impressive Run as It Breaches the Barrier at $64

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Key Highlights
LTC price has rallied to the overhead resistance at $64
Litecoin reaches the overbought region of the market

Litecoin (LTC) Current Statistics
The current price: $62.14
Market Capitalization: $5,222,725,613
Trading Volume: $1,043,787,638
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis October 31, 2022
Litecoin’s (LTC) price is in the bullish trend zone as it breaches the barrier at $64. The oversold barrier was retested by LTC’s price, which then declined. The cryptocurrency’s price bounced back on November 2 to surpass the original barrier of $58. On the plus side, the LTC price rose past the resistance at $58 and reached the upside resistance at $64. However, given that the market has entered the overbought zone, another upward movement is doubtful. Buyers are unlikely to overcome the $64 resistance level. If it is rejected at the overhead resistance level of $64, Litecoin will reverse lower and move back above the breakout level of $58.

Litecoin Is in an Impressive Run as It Breaches the Barrier at $64
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
For period 14, Litecoin is at level 71 on the Relative Strength Index. The overbought area has been reached by the altcoin. This explains why bullish momentum is coming to an end. The fact that the price bars remain above the moving average lines indicates an increase. Litecoin is also above the daily Stochastic’s 80% range. It demonstrates that the altcoin is overbought.

Conclusion
As it  breaches the barrier at $64 and moves above them, Litecoin is experiencing positive momentum. The probability of the coin reaching its former highs is high. However, the market for Litecoin is overbought at the moment. A retraced candle body tested the 50% Fibonacci retracement level on October 26 upswing, in the meantime. According to the retracement, LTC should increase to level 2.0 of the Fibonacci extension, or $66.25.

Litecoin Is in an Impressive Run as It Breaches the Barrier at $64
LTC/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.