Litecoin Price Prediction: LTC/USD Breaks Overhead Resistance at $84 but Shows Little Strength on the Upside

Litecoin (LTC) Price Prediction – November 23, 2020
LTC/USD has broken above the overhead resistance at $84. The uptrend has been repelled as price fluctuates between $78 and $87.50.In a nutshell, the LTC/BTC is in an uptrend as the crypto reached a high of Ƀ0.004600.

LTC/USD Market

Key Levels:
Resistance Levels: $80, $100, $120
Support Levels: $50, $40, $20

LTC/USD – Daily Chart

On November 21, LTC rebounded to break the overhead resistance at $84. The bulls could not continue with the uptrend as it was repelled at $87.50. In the meantime, price is fluctuating between $78 and $87.50. For the upside momentum to resume, buyers have to sustain the bullish momentum above the $84 support. A rebound above the $84 support will propel price to reach the $100 high. Conversely, if they fail to hold the $84 support, the crypto will slide down to $76 support.

Subsequently, the downtrend will resume. Presently, LTC is fluctuating in the price range as the bulls and bears decide the next move.Meanwhile, there is a possibility of the coin rising if the current resistance is broken. On November 18 uptrend the coin was resisted. The retraced candle body tested the 78.6% Fibonacci retracement level. This implies LTC will rise and reverse at level 1.272 Fibonacci extensions. That is the high of $86.84

Litecoin Indicator Analysis
The price bars are well above the SMAs which indicates a possible rise of the coin. However, if price breaks below the SMAs the coin is likely to fall. LTC is above the 40% range of the daily stochastic. It implies that the coin is in a bullish momentum.

LTC/BTC – 4 Chart

On the LTC/BTC chart, the crypto is in an uptrend. The price of the coin is making a series of higher highs and higher lows. The crypto has risen to level Ƀ0.004600. There are chances of further upward movement of the coin. On the November 19 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. It indicates that the market will rise to level 2.0 Fibonacci extension or Ƀ0.005283 high.

Remember, all trading carries risk. Past performance is no guarantee of future results.

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.