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.

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.

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.


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