Key Highlights
Litecoin recovers and breaks above $60 high
Litecoin has a target price of $85 when the resistances are cleared
Litecoin (LTC) Current Statistics
The current price: $62.07
Market Capitalization: $4,056,414,692
Trading Volume: $2,551,618,695
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10
Litecoin (LTC) Price Analysis September 1, 2020
Litecoin has recovered from its previous low of $54. The crypto bounces above the $54 low to $58 high. At the $58 price level, LTC rebounded twice, breaking the EMAs and the $60 high. Unfortunately, the bullish momentum fails to break the $64 resistance. Nonetheless, buyers have to battle the resistance at $64 and $68 high.
On the upside, LTC must be sustained above the $60 support. A break above $64 will propel price to retest or break the $68 high. Once the bulls are successful above $68 resistance, the coin will reach its target price of $85 high. Conversely, if the bulls fail to defend the $60 high, the crypto will drop again to $54 low.
Litecoin (LTC) Technical Indicators Reading
Litecoin price is above the 50-day and 21-day SMAs. This suggests that the coin is likely to rise if price is sustained above the EMAs. LTC is in the uptrend zone as it is at level 55 of the Relative Strength Index period 14.
Conclusion
The recent uptrend is repelled at the $64 high. Nonetheless, LTC will soon resume upside momentum when the resistance is cleared. On August 17 uptrend; the coin was resisted at the $68 high. The last retraced candle body tested the 50 % Fibonacci retracement level. This explains that Litecoin will rise and reach the 2.0 Fibonacci extension level. This is equivalent to the $85 high.
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.
