Litecoin (LTC) Rebounds Above $54 Support, Attempts to Breach $60 and $65 Resistances

Litecoin (LTC) Rebounds Above $54 Support, Attempts to Breach $60 and $65 Resistances

Key Highlights
Litecoin next target price will be at the $68 high
Litecoin will first battle the resistances at level $60 and $65

Litecoin (LTC) Current Statistics
The current price: $57.07
Market Capitalization: $3,722,950,511
Trading Volume: $2,867,196,519
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis August 14, 2020
Today, Litecoin rebounded above $54 but it is currently facing resistance at $58 high. Since its breakdown on August 2 , LTC has been struggling to break above the $60 high. Buyers have tested the resistance on three occasions but unable to break it. For over a week, the bulls and bears have been tussling for price possession between the levels of $56 and $60. About 48 hours the bears pushed price to $54 low while the bulls buy the dips to push LTC to the middle of price range.

Today, neither the bulls nor bears have the upper hand. LTC is now in the middle of price range. On the upside, a strong bounce above $56 support will propel price to break the $60 resistance. The price movement will be accelerated upward to retest the $65 overhead resistance. If buyers fail to break the current resistance the market will continue to be range-bound.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is recovering after breaking the support line of the ascending channel. The price bars are above the EMAs which indicates a further upward move. LTC is above 25% range of the daily stochastic. It indicates that it is in a bullish momentum.

LTC/USD – Daily Chart

Conclusion
Litecoin is rising as it fell to the support of the 12-day EMAs. A large candle body tested the 0.786 Fibonacci retracement level. It indicates that the market will reach level 1.272 Fibonacci extension level. At 1.272 extension, LTC will reverse and return to 0.786 retracement level where it originated. For now, the market will be reaching a high of $68.


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