Litecoin (LTC) Is Fluctuating Between $100 and $120, Amidst Bullish Expectation

Litecoin (LTC) Is Fluctuating Between $100 and $120, Amidst Bullish Expectation


Key Highlights
Litecoin faces rejection at $124
The crypto now fluctuates between levels $100 and $120

Litecoin (LTC) Current Statistics
The current price: $109.54 
Market Capitalization: $7,193,886,66
Trading Volume: $8,962,542,598
Major supply zones: $120, $140, $160
Major demand zones: $90, $70, $50

Litecoin (LTC) Price Analysis December 24, 2020
Following the rejection at $124 resistance, LTC now fluctuates between $100 ad $120. The altcoin has retraced to the support above $100. On the upside, if the bulls sustain the current bullish momentum, the resistance at $124 will be broken. LTC will attain a new high of $140. Conversely, if the support fails to hold, and the price breaks below the $90 support, the coin will decline to $70 low.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Despite the retracement, the price bars are above the SMAs which suggest an upward movement of the coin. The coin is below the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The SMAs are sloping upward indicating the upward move.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin is likely to make a further upward move. The Fibonacci tool has indicated an upward movement of the coin. On the December 19 uptrend, a retraced candle body tested the 61.8%Fibonacci retracement level. The retracement indicates that the crypto will reach level 1.618 Fibonacci extensions or the high of $157.57.


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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.