Litecoin (LTC) Is in a Deadlock, Trapped Below $60 High
Azeez Mustapha
Key Highlights
Litecoin bulls battle the resistance at $60
The coin will reach its price at $65 if the resistance is breached
Litecoin (LTC) Current Statistics
The current price: $59.70
Market Capitalization: $3,891,374,129
Trading Volume: $2,319,180,382
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10
Litecoin (LTC) Price Analysis August 7, 2020
Litecoin is in a sideways move below the $60 resistance. The sideways move becomes necessary because the bulls fail to push LTC above the $60 resistance. Buyers have made five attempts to break the current resistance but to no avail. The bottom line is that once buyers break the current resistance, LTC will achieve price acceleration on the upside.
The market will rise to $80 high if the bulls break the $65 resistance. However, the current sideways move will persist if the resistance remains unbroken. The bears may take advantage to break the support level at $56 if the sideways move continued. A break below the $56 support will push the coin $51 low.
Litecoin (LTC) Technical Indicators Reading
One significant indicator is the exponential moving average. As long as price is above the EMAs, the coin will continue to rise. It is when price is below the EMAs, the downtrend will resume. The crypto is at level 67 of the Relative Strength Period 14. The coin is in the bullish trend zone and above the centerline 50.
Conclusion
Litecoin is still trading below the resistance at $60. The market will only trend when price break the resistance level. Meanwhile, a red candle body tested the 0.382 Fibonacci retracement level. When uptrend resumes, LTC will rise and reach its first target at level 2.618 Fibonacci extension level. That is, to say the high of $65.
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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