Litecoin (LTC) Faces Continuous Rejection, Resumes Consolidation
Azeez Mustapha
Key Highlights
Litecoin bulls continue its consolidation between $56 and $60
The crypto has a target price of $76.
Litecoin (LTC) Current Statistics
The current price: $57.85
Market Capitalization: $3,772,892,415
Trading Volume: $2,589,546,782
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10
Litecoin (LTC) Price Analysis August 11, 2020
Today, LTC faces rejection at the $60 resistance as the market continues consolidation below the resistance. Since the last bearish impulse on August 2, LTC has been range-bound between levels $56 and $60. The bulls and bears are in serious price tussle for over a week within the confined range. Incidentally, this price tussle will lead to a breakout or a breakdown.
Nonetheless, the bulls have an added advantage over the bears as the coin is in a bull market. On the upside, a break above $60 resistance will propel price to retest the resistance at $65. Subsequently, if the price breaks the $65 high, the uptrend will resume to a high of $80. Conversely, if the bulls fail to break the resistance, LTC will be in a sideways trend. It is unlikely if price will resume a downward move.
Litecoin (LTC) Technical Indicators Reading
Litecoin is currently trading at level 61 of the Relative Strength Index period 14. It indicates that LTC is in the bullish trend zone. The coin is also above the centerline 50 and likely to rise. The 21-day and 50-day SMAs are sloping upward indicating the upward move.
Conclusion
Litecoin has another chance of upward move despite the resistance at $60. During the last bullish impulse on August 1, a large red candle body tested the 0.382 Fibonacci retracement level. This retracement level gives the impression that the market will rise to a 2.618 Fibonacci extension level. In other words, the market will rise to $76 high.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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