Litecoin (LTC) Faces Rejection at $166 High, Targets $260 Price Level

Litecoin (LTC) Faces Rejection at $166 High, Targets $260 Price Level

Key Highlights
Litecoin battles resistance at $185
The altcoin targets $260 price level

Litecoin (LTC) Current Statistics
The current price: $161.60
Market Capitalization: $13,595,185,964
Trading Volume: $8,740,555,485
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis January 19, 2021
Litecoin bulls struggle to break the current resistance at the recent high. The altcoin is retracing after rejection from the $166 high. In previous price action, buyers have not been able to push the coin to $166 high, rather the price has been fluctuating between $135 and $150 since January 11 downtrend. Buyers can retest or break the $185 overhead resistance if the initial resistance is broken and the bullish momentum is sustained. On the upside, LTC will reach the high of $260, if the $185 resistance is breached. However, if the bullish scenario fails, Litecoin will be compelled to a range-bound movement.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC is at level 56 of the Relative Strength Index period 14. It indicates that the altcoin has room to rally on the upside. The price bars above the SMAs suggest that the coin is likely to rise. The SMAs are pointing northward indicating the uptrend.

LTC/USD – Daily Chart

Conclusion
Litecoin bulls are making frantic efforts to push the altcoin to the previous highs. On January 10 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 $254.28.


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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.