Litecoin (LTC) Unable to Break the $90 Resistance, Sellers Threaten to Short

Litecoin (LTC) Unable to Break the $90 Resistance, Sellers Threaten to Short

Key Highlights
Buyers are struggling to break the resistance at $90
Litecoin risks a sideways move if the bulls fail to breach the resistance at $90

Litecoin (LTC) Current Statistics
The current price: $87.98
Market Capitalization: $5,810,245,169
Trading Volume: $9,488,303,925
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis December 1, 2020
In the first uptrend of November 24, LTC was repelled at the resistance of $90. The coin was eventually fell to a low of $64. Nonetheless, the altcoin has resumed a fresh uptrend but buyers are struggling to break above the $90 resistance.

Buyers push the price to the high of level $93 but were repelled immediately. Presently, if buyers can push LTC above $90, a rally to $100 is being expected. Nonetheless, if buyers fail to overcome the $90 resistance, the crypto will be compelled to a sideways move. That is the coin will be fluctuating between $64 and $90 for a few days.

LTC/USD – Daily chart

Litecoin (LTC) Technical Indicators Reading
Despite the breakdown, the price bars are above the moving averages. Also, the price is above the resistance line of the ascending channel. All these suggest the upward movement of the coin. Litecoin has risen to level 55 of the Relative Strength Index period 14. The coin is in the uptrend zone and may likely to rise.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin bulls have failed to breach the $90 resistance in the first and second uptrend. Meanwhile, the Fibonacci tool has indicated an upward movement of the coin. On November 24 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LTC will rise and reach level 1.618 Fibonacci level. That is the high of level 104.50.

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Author : Azeez Mustapha

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