Litecoin (LTC) Consolidates Between $80 and $84, Preparatory for a Possible Breakout

Litecoin (LTC) Consolidates Between $80 and $84, Preparatory for a Possible Breakout

Key Highlights
The crypto now fluctuates between $80 and $84
A possible retest of the overhead is likely

Litecoin (LTC) Current Statistics
The current price: $81.33
Market Capitalization: $5,384,495,588
Trading Volume: $3,781,505,673
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis December 15, 2020
Litecoin is trading at $82 as it attempts to retest the $90 overhead resistance. The bulls have failed to break the resistance since November 24. The bears have pushed the price below $86. Since December 13, the coin has been fluctuating to retest the $84 to $86 and $90 overhead resistance. The current price range is close to overhead resistance. This close range will provide the necessary price movement in the event of a breakout.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The altcoin is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the main trend. The price bars above the SMAs suggest an upward move of the coin.

LTC/USD – 4 Hour Chart

Conclusion
The bears are strongly defending the $90 overhead resistance. According to the Fibonacci tool, there is the possibility of a further upward move. On December 1, a retraced candle body tested the 78.6%Fibonacci retracement level. The retracement indicates that the crypto will reach level 1.272 Fibonacci extensions or the high of $100.57. Litecoin is likely to reverse thereafter.


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Author : Azeez Mustapha

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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.