Litecoin (LTC) Breaks $60 Resistance, Targets $80 High.

Litecoin (LTC) Breaks $60 Resistance, Targets $80 High.

Key Highlights
Litecoin rallies and approaches the high of $80
LTC reaches another overpriced region

Litecoin (LTC) Current Statistics
The current price: $67.18
Market Capitalization: $4,384,671,136
Trading Volume: $3,914,720,483
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis August 18, 2020
Today, Litecoin is trading at $68 after the bulls broke the $60 resistance. At the $60 low, the market was range-bound for two weeks before it was broken. Meanwhile, at the recent high of $68, LTC is facing a minor resistance. On the upside, a break above the $68 will propel price to reach the $76 high. Litecoin may retrace to $65 low if it faces resistance at the recent high.

Nevertheless, the bulls and bears are tussling for price possession at a high of $68. LTC price has the chance of moving up once the minor resistance at $68 is breached. Expectantly, the market will reach $80 high. LTC price is fluctuating above $67 at the time of writing.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The coin is presently trading above 80% range of the daily stochastic. That is to say, LTC has reached the overbought region of the market. At this level, sellers may emerge to push prices down. Thereafter, the uptrend will resume as price is above the EMAs.

LTC/USD – Daily Chart

The recent rally has made LTC be in the overbought region. The coin has reached a high of $68 but there is room for further upside momentum. In the August 2 uptrend, the market retraced to 0.618 or 61.8 % Fibonacci retracement level. That is, the candle body tested the retracement level which implies that LTC will reach a high of 1.618 Fibonacci extension level. This is equivalent to $76 high.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.