Litecoin (LTC) Falls After Facing Rejection at $48 Resistance

Litecoin (LTC) Falls After Facing Rejection at $48 Resistance

Key Highlights
LTC struggles to break above the SMAs
Litecoin may face further rejection at the recent high

Litecoin (LTC) Current Statistics
The current price: $47.57
Market Capitalization: $3,125,947,038
Trading Volume: $1,810,961,358
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis October 20, 2020
For the past week, buyers were in control as they push price above the moving averages. The bulls could not sustain the uptrend as price was rejected at the $51 resisted. The coin fell to the low above $45, while buyers struggle to resume a fresh uptrend.

Today, Litecoin is rising as it approaches the previous high of $51. If buyers push price above $51, the upside momentum will resume. The coin will rally to $58 or $62 high. On the other hand, if the coin fails to push above the SMAs. The crypto is likely to fall into the range-bound zone.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC price has broken above the 21-day SMA. A break above the SMAs will propel the coin to rise. The crypto is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The SMAs are sloping southward indicating the downtrend.

LTC/USD – 2 Hour Chart

Conclusion
From the price action, LTC has shown signs of bullish momentum. On October 19 uptrend, a retraced candle body tested the 78.6 % Fibonacci retracement level. With the retracement, the coin is expected to rise and reach level 1.272 Fibonacci extension. That is LTC will rise and reach a high of $48.94 but will reverse and return to the 78.6% Fibonacci retracement level.

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.