Litecoin targets the $158 high, poises to reclaim $156
LTC/USD fluctuates between $148 and $156
Litecoin (LTC) Current Statistics
The current price: $152.56
Trading Volume: $2,076,225,121
Major supply zones: $500, $540, $580
Major demand zones: $160, $140, $100
Litecoin Price Long-Term Prediction: Bullish
Today, Litecoin’s (LTC) price has rallied to $156.25 as bull poises to reclaim $156. Buyers are finding it difficult to sustain the bullish momentum above the $150 resistance. In previous price action on June 29, the bulls were repelled at the same resistance as the market declined to the low at $104 low. Today, the LTC price is retesting the same resistance to push the crypto to the previous highs.
On the upside, if buyers push the altcoin above the $150 high; the market will rally to $180 or $210 high. Conversely, LTC/USD will be compelled to a sideways move between $148 and $156, if the current resistance remains unbroken. Presently, the altcoin is trading in the overbought region of the market. Therefore, the crypto may not have enough room to rally on the upside.
Litecoin Indicator Analysis, Poises To Reclaim $156
Litecoin is at level 67 of the Relative Strength Index period 14. The market is approaching the overbought region at level 70. The crypto will have limited room to rally on the upside. The 21-day and the 50-day SMAs are sloping upward indicating the uptrend. Since August 4, LTC’s price has been trading above the 80% range of the daily stochastic. The coin is said to be in the overbought region.
What Is the Next Move for Litecoin?
LTC/USD is in an upward move as bull poises to reclaim $156. On the 4- hour chart, buyers are struggling to break above the $156 high. Meanwhile, on August 4 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.618 Fibonacci extensions or level $158.63. From the price action, the crypto has risen but it is facing rejection at $156 high.
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