Litecoin (LTC) Rebounds as Bulls Attempt a New High of $48

Key Highlights
Litecoin is rising and may reach the target price of $48
LTC is facing initial resistance at $47

Litecoin (LTC) Current Statistics
The current price: $46.51
Market Capitalization: $3,051,317,298
Trading Volume: $2,539,552,686
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin Reopens Mimblewimble Testnet as Europol Targets Privacy Protocols
Litecoin (LTC) reopens its MimbleWimble testnet which is designed to improve privacy and conceal the traceability of distributed ledger transactions. MimbleWimble is a customized implementation of the proof-of-work algorithm underpinning Bitcoin. In this case, the blocks appear as a single transaction. It avoids the individual inputs and outputs relating to the transactions from being identified.

Litecoin (LTC) Price Analysis October 6, 2020
After October 1 breakdown, Litecoin dropped to a low at $43 and the coin rebounded. After the rebound, LTC resumed a fresh uptrend as price reached a high of $47. The coin was resisted as it felled to $45 low. Buyers have commenced another move as price reached a high of $46. The coin is faced with resistance at $48 and $51.

Presently, it is battling a minor resistance at $47. On the upside, a strong bounce above the current support will propel price to break the resistance at $48 and $51. Nonetheless, if the current move is sustained above $55, LTC will be out of the downward correction. Meanwhile, the coin is rising and trading at $76 at the time of writing.

Litecoin (LTC) Technical Indicators Reading
LTC price has broken the 12-day EMA and it is approaching the resistance line of the ascending channel. A break above the resistance line will ensure the upward movement of the coin.LTC is in a bullish momentum as it is above the 60% range of the daily stochastic. The EMAs are sloping upward depicting the current uptrend.

Conclusion
Litecoin is likely to move up if the current resistance levels are breached. From the price action, the crypto reached a high of $47 and was resisted; the retraced candle body tested the 50% Fibonacci retracement level. This gives the impression that the market will rise to the previous high at 2.0 Fibonacci extension level or $48.64high.


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