Litecoin (LTC) Fluctuates Between $78 and $88, Unable to Break $90 Resistance

Litecoin (LTC) Fluctuates Between $78 and $88, Unable to Break $90 Resistance

Key Highlights
Buyers fail to break the $90 overhead resistance after three unsuccessful attempts
Litecoin is likely to be range-bound between $78 and $88

Litecoin (LTC) Current Statistics
The current price: $81.32
Market Capitalization: $5,329,919,360
Trading Volume: $3,960,545,045
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis December 8, 2020
After three unsuccessful attempts, buyers fail to break the $90 overhead resistance. The upward move has been restricted below $88 minor resistance. The coin is likely to fluctuate between $78 and $88 to retest the overhead resistance. Today, LTC fell to the $78 lower price range and resumed upward. Nonetheless, if the price breaks below $78, the coin is likely to reach the previous low of $65.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC is at level 53 of the Relative Strength period 14. It indicates that the coin is in the uptrend zone. The altcoin is below the 60% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the main trend

LTC/USD – 4 Hour Chart

Conclusion
LTC’s upward move has been impeded at the $90 overhead resistance. According to the Fibonacci tool, there is the possibility of a further upward move. On December 4, 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 $110.36


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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.