Litecoin Rebounds on Market Surge, Increase Possibility of a Rally

Fibo Quantum

Jun 02, 2020 at 11:34 // News

Litecoin has made tremendous and marvelous moves after breaking the downtrend line. LTC rebounded above the $43 low to break the downtrend line.


The crypto rebounded again on two occasions as it attempted to break the $50 overhead resistance. Before now buyers faced initial resistance at $48 but have broken the resistance after a retracement to $45 low.


The coin is approaching the high of $49. The market is likely to rally above $60 if the bulls break the overhead resistance. Incidentally, as bulls attempt to break the overhead resistance, the coin is pushing to the overbought region of the market. However, in a trending market, the overbought or oversold condition may not hold.


Litecoin Indicator Analysis 


Certainly, Litecoin is pushing above 80 % range of the daily stochastic, meaning that it is in the overbought region. Sellers may emerge at the appropriate time to push prices down. Meanwhile, the coin is in a strong bullish momentum. The upward move is guaranteed as the downtrend line is breached.


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Key Resistance levels: $80, $100, $120


Key Support levels: $50, $40, $20

What Is the Next Move for Litecoin?


Litecoin is on the verge of breaking the overhead resistance. There is a possibility of a rally above the $60 resistance if the bulls are successful. The price bars are well above the EMAs which indicates a continuous rise of the coin.


Disclaimer. This analysis and forecast are the personal opinions of the author 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 funds.