Litecoin (LTC) Fluctuates Above $51 Support, May Retest $60 Resistance

Litecoin (LTC) Fluctuates Above $51 Support, May Retest $60 Resistance

Key Highlights
Litecoin faces resistance at $60 high
The coin is likely to reach another high of $65

Litecoin (LTC) Current Statistics
The current price: $55.77
Market Capitalization: $3,798,737,096
Trading Volume: $3,598,132,866

Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis October 20, 2020
Litecoin has resumed upside momentum has price breaks above the $51 resistance. The rally reached the high of $60 but the bulls could not sustain the uptrend. In the interim, the coin is fluctuating between $55 and $60.

The next high will be at $65 if the bulls succeed in breaking the resistance at $60.The coin can as well fall if the bears break below the support at $55. In the meantime, there is a bullish signal as bulls recoup to retest the $60 resistance. The market will move up to a high of $65 once the current resistance is breached.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
With the recent price surge, the resistance line of the ascending channel has been broken. The previous trend must have given way to the bullish momentum. Presently, the coin is trading in the overbought region of the market but the stochastic bands are sloping downward. This indicates the previous price fall.

LTC/USD – 4 Hour Chart

Conclusion
After the price retracement, there are bullish signals as the price resumes upward movement. According to the Fibonacci tool, the crypto will rise but will later reverse. The retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that LTC will rise to level 1.272 Fibonacci extensions l. In other words, the coin will reach $64.10 high.



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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.