Litecoin Hovers above $56 after a Sharp Fall, Attempts to Move Up

Today, buyers attempted to retest the $60 high but were repelled. Before now, the price has been retesting the resistance soon after LTC fell in value on August 2.

Since August 2, the market has been consolidating above $56 but below $60 high. There are chances of having a fresh uptrend as price is above the EMAs.

Litecoin will rise and retest the $65 high, once buyers push above the $60 resistance. The uptrend will continue if the resistance is breached. In that case, LTC will rise and reach a high of $80. Today, Litecoin is rising after falling to the current support at $56. The coin risks falling to $52 low if sellers push prices below the current support.

Litecoin indicator analysis 

The recent price fall is above the support of EMAs. The selling pressure would have persisted if the price had broken below the EMAs. The downtrend will resume. LTC is below 80 % range of the daily stochastic. It implies that the market is still in bearish momentum. In the meantime, price is fluctuating above $56 support.

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

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

What is the next move for Litecoin?

Litecoin is falling at the time of writing. The uptrend will resume as soon as the price finds support above $56. According to the Fibonacci tool, a red candle body tested the 0.382 Fibonacci retracement level in the August 3 uptrend. This indicates that Litecoin will rise and retest the 2.618 Fibonacci extension level. That is, the market will retest the $65 overhead resistance. 

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

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