Litecoin (LTC) Uptrend Is in Jeopathy as It Faces Resistance at $51

Litecoin (LTC) Uptrend Is in Jeopathy as It Faces Resistance at $51

Key Highlights
Litecoin has continued to rebound as it reaches the high of $51
LTC has a target price of $55

Litecoin (LTC) Current Statistics
The current price: $50.19
Market Capitalization: $3,295,105,365
Trading Volume: $2,496,458,935
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis October 13, 2020
Since October 7, LTC has been making impressive bullish runs. Yesterday, the price rallied to $51 after breaking the previous range-bound zone. The coin is facing resistance at the recent high and has retraced to the support above $50.

On the downside, if the bears break below the $50 support, the price will fall to the previous range-bound zone. On the upside, LTC is now trading in the bullish trend zone. If the bullish momentum resumes and price breaks the resistance at $51, a rally above $63 is expected. In the meantime, the coin is fluctuating above the $50 support at the time of writing.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The recent price surge has enabled LTC to trade in the bullish trend zone. There is a possibility of price rising as it above the SMAs. The market is likely to rise as it breaks above the resistance line of the descending channel.

LTC/USD – 4 Hour Chart

Conclusion
From the recent price action, the price surge is likely to continue on the upside. On October 12 uptrend; the coin was resisted at the $51 high. The retraced candle body tested the 38.2 % Fibonacci retracement level. This gives the impression that Litecoin will reach a high of 2.618 Fibonacci extension. That is the high of $55.41.


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.