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.

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      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.