Litecoin (LTC) Battles Resistance at $60, May Retest $65 High


Key Highlights

  • Litecoin next target is to retest the $65 high if the current resistances are breached
  • The coin faces initial resistance at the high of $60 high as it drops to $58

    Litecoin (LTC) Current Statistics
    The current price: $58.24
    Market Capitalization: $3,795,603,315
    Trading Volume: $2,218,738,506
    Major supply zones: $70, $80, $90
    Major demand zones: $50, $30, $10

    Litecoin (LTC) Price Analysis August 4, 2020
    In the last 48 hours, LTC is correcting upward after the last breakdown from the high of $65. On August 2, Litecoin made an impressive run as it reached the recent high. The coin encountered a bearish reaction as it reached the overpriced region of the market. The crypto plunged to $51 low and immediately moved up.

    Today, LTC is retesting the $60 high to break above it. The recovering was possible as the bulls buy the dips. The bulls’ hurdle is to break the $60 high and retest the overhead resistance. Nonetheless, a strong bounce above $58 will propel price to break the resistance at $60 and $65. The crypto next target will be at $80 high if the current resistance levels are breached.
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The coin has the chance of a further upward move as price is above the exponential moving averages. In the meantime, LTC is below 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The bearish momentum was largely due to the previous breakdown. The market is showing signs of bullish signals.

LTC/USD – 2 Hour Chart

Today, buyers are struggling to push LTC above the $60 resistance. In the August 3 uptrend, a red candle body tested the 0.382 Fibonacci retracement level. It indicates that LTC will rise and reach level 2.618 extension level. That is Litecoin’s next move is to retest the high of $65. Perhaps a break above the recent high will catapult the coin to $80 high.

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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.