Litecoin (LTC) Struggles Above $60, Unable to Push Into Higher Price Levels


Key Highlights
Litecoin struggles above $60 support
LTC will rise to attain a new high of $85 if the bulls clear the resistance levels

Litecoin (LTC) Current Statistics
The current price: $61.30
Market Capitalization: $4,003,369,120
Trading Volume: $2,422,303,993
Major supply zones: $70, $890
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis August 25, 2020
Today, Litecoin is falling after testing the $63 high. Before now Litecoin has been on a downward move since August 17. The coin fell to a low of $58 and resume consolidation. On August 23, LTC rebounded to reach the $63 high but was resisted. Today, LTC is trading and struggling above $60 support.

The crypto may resume uptrend if price finds support above $60. However, the selling pressure may resume if the bears break below $60.On the upside, the bulls have to clear the resistance levels of $64 and $68 before the coin can resume the upside momentum. Nonetheless, Litecoin may continue fluctuation above $60 if the bulls fail to clear the resistance levels.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 55 of the Relative Strength Index period 14. The coin is in the uptrend zone and may likely rise. The price is also the 50-day and 21-day SMA. This indicates that the coin is in the bullish trend zone. That the coin will rise as long as the price is above the EMAs.

Litecoin is rising as it fell to the support of the 12-day EMAs. A large candle body tested the 0.786 Fibonacci retracement level. It indicates that the market will reach level 1.272 Fibonacci extension level. At 1.272 extension, LTC will reverse and return to 0.786 retracement level where it originated. For now, the market will be reaching a high of $68.

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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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.