Litecoin Stalls At $80 As It Reaches Overbought Market
The price of Litecoin (LTC) is steadily rising as the altcoin breaks through the $72 and $80 barriers.
Long-term forecast for the Litecoin price: bullish
Although the altcoin has reached the overbought zone, the bullish momentum could not be maintained above the $80 high. Once buyers break above the $80 resistance, Litecoin is expected to rise. The $80 resistance has been a resistance point for the cryptocurrency’s price since November 23. On the positive side, the market will rise to a high of $91.52 if the cryptocurrency price breaks the $80 resistance level. The altcoin fell today, but it still bounces below the resistance level. If Litecoin’s price falls below the moving average lines, it will head lower. At the time of writing, Litecoin has risen to $81.03.
Litecoin indicator analysis
Litecoin has achieved a Relative Strength Index of 69 for the period 14. The price of the cryptocurrency has moved into the overbought zone of the market. The coin has no more room to recover. The price bars are above the moving average lines, which indicates that the cryptocurrency will continue to rise. Litecoin’s daily stochastic is at a level above 80. The altcoin is currently in an overbought area of the market.
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
What is the next step for Litecoin?
Litecoin is in an uptrend, but has stopped below the $80 resistance level. As the market approaches the overbought area of the market, the current uptrend could weaken. If buyers emerge in the overbought area of the market, Litecoin will fall.
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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