Litecoin (LTC) Surges Ahead, Breaks $68 Overhead Resistance, May Reach the $80 High

Litecoin (LTC) Surges Ahead, Breaks $68 Overhead Resistance, May Reach the $80 High

Key Highlights
Litecoin rallies to $76 high
The crypto is currently fluctuating between $72 and $76

Litecoin (LTC) Current Statistics
The current price: $71.57 
Market Capitalization: $4,716,629,608
Trading Volume: $5,605,076,671
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis November 17, 2020
Since October, Litecoin price has been making a series of higher highs and higher lows. On November 15, the price made higher lows before rebounding. It rebounded above the $63 low to reach a high of $76. The coin has retraced to $72 low to resume a sideways move.

On the upside, if the price breaks the $76 high, the coin will rally above the $80 high. The $80 price level was the recent high in the February price action. On the downside, if the price breaks below the $72 support, LTC will drop below the $68 support. Subsequently, the price will fall to a low at $64. Meanwhile, LTC is trading at $74 at the time of writing.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is above 80% range of the daily stochastic. It indicates that the coin is trading in the overbought region of the market. The implication is that sellers will emerge to push prices downward. However, in a trending market, the coin will continue to rise.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin is making an upward move as the coin rebounded yesterday. The current price level is close to the Fibonacci projected price level. On November 13 uptrend; a retraced candle body tested the 50% Fibonacci Retracement level. This indicates that the market will rise to level 2.0 Fibonacci extensions or $75.40 high.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.