Litecoin (LTC) Resumes Uptrend, Attempts to Break $47 Resistance

Litecoin (LTC) Resumes Uptrend, Attempts to Break $47 Resistance

Key Resistance Levels: $70, $80, $90
Key Support Levels: $50, $30, $10

LTC/USD Price Long-term Trend: Bullish
Yesterday, LTC rebounded as it attempts to break the $47 resistance. The bulls have earlier broken $43 resistance and resumed its upward move. As price approaches the resistance at $47, LTC is likely to face another resistance at $50. On the upside, if price bounces at the $46 support, there is a likelihood of breaking through the $47 and $50 resistances. LTC will rally to $60 resistance if the bulls are successful. Conversely, if the bulls fail to break the initial resistance, the market will fall to $43 low.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. The crypto is at level 60 of the Relative Strength index. It indicates that it is in the uptrend zone and above the centerline 50. Litecoin is likely to rise.

LTC/USD Medium-term Trend: Bullish
On the 4 hour chart, Litecoin is in an upward move but in a sideways trend below the $47 resistance. The bulls are attempting to break the overhead resistance. LTC will be out of the downtrend if the bulls break the resistances of $47 and $50. The momentum will extend to a $60 price level.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping horizontally indicating the sideways move. LTC is above 80% range of the daily stochastic. It implies that price is approaching the overbought region. In the same vein, sellers will emerge to push prices down.

General Outlook for LTC
The bulls have broken the $43 resistance and are attempting to break the $47 resistance. On the downside, if sellers emerge, the bulls will be unable to break the resistance levels. On the upside, if the trend does not regard the overbought conditions, price is likely to break the resistance as price rally to $60 resistance.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.