Litecoin Reaches Overbought Region, Threatens To Fall To $64
Litecoin (LTC) price has been rising after breaking through the $64 level. On November 23, Litecoin reached a high of $83, but fell below the resistance of $80.
Long-term forecast for the litecoin price: bullish
Last week, Litecoin price fluctuated below the high of $80. If buyers can break through the resistance of $80, the market will rise to a high of $100. However, the market was overbought near the last high. Litecoin’s price could fall if it is rejected in the overbought region. The altcoin will first fall to the break level of $64. At the time of writing, one Litecoin is worth $76.71.
Litecoin indicator analysis
Litecoin is currently at level 64 on the Relative Strength Index. While the market is overbought, the cryptocurrency is still trading in the bullish trend zone. The fact that the moving average lines are higher than the price bars suggests that the cryptocurrency price will continue to rise.
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
What is the next step for Litecoin?
Litecoin’s price is in an uptrend. Currently, the upward momentum is slowed down by the $80 high. In the uptrend from November 24, a retracement candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that LTC will rise to the Fibonacci extension level of 1.618 or $97.02. Currently, Litecoin’s uptrend is slowed down by the $80 high.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing in funds.
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