Litecoin (LTC) Makes Positive Move, Battles Resistance at $140

29 December 2020 | Updated: 29 December 2020

Key Highlights
Litecoin fluctuates between levels $120 and $140, may retest level $140
LTC likely to encounter a breakdown or breakout

Litecoin (LTC) Current Statistics
The current price: $126.15
Market Capitalization: $10,573,795,500
Trading Volume: $9,274,658,781
Major supply zones: $120, $140, $160
Major demand zones: $90, $70, $50

Litecoin (LTC) Price Analysis December 29, 2020
Litecoin has broken the resistance at $124 as the altcoin pushes to the next resistance. Since December 25, the upward move is facing rejection at the $140 resistance level. Presently, the crypto is fluctuating between levels of $120 and$140. The altcoin has the chance of resuming the upside momentum if it breaks the resistance at $140. If the bulls are successful, the coin will attain a high of $144. On the downside, if the bears break below $120 support, LTC will resume a downward move. The coin will decline to $104 low if the current support cracks.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The altcoin is at level 64 of the Relative Strength period 14. It indicates that the coin is in the uptrend zone. The SMAs are sloping northward indicating the uptrend. The price bars are above the SMAs indicating the uptrend.

LTC/USD – Daily Chart

Conclusion
Litecoin has resumed upward move but presently struggling below $140 resistance. 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 $156.50.


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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.