LTC\/USD – Daily Chart<\/figcaption><\/figure>\r\nToday, Litecoin is at $60 after it has attained a peak price of $68 high. The $60 price level has been a crucial support when it was a resistance and now a support level. Since on August 1, the $60 resistance was difficult to be broken. On August 1, the bulls broke the resistance but price plunged back below the resistance. On August 16, the bulls broke the resistance as price rallied to $68 high. Unfortunately, the coin reached the overpriced region of the market.<\/p>\r\n
Consequently, the coin fell to the previous low. On the upside, for the coin to resume the uptrend, the $60 support mush hold. The above price action has been confirmed by the Fibonacci tool. The $68 high is the 1.272 Fibonacci extension level. The Fibonacci rule indicates that if price reaches the 1.272 extension, the market will reverse to 78.6% retracement level. That is the $60 price level.
Litecoin Indicator Analysis<\/strong>
LTC price is still above 26-day EMA which indicates that price will rise. The coin is below 80% range of the daily stochastic. It indicates that the market is in a bearish momentum. Presently, the price action is showing bullish signals which are contrary to the bearish momentum.<\/p>\r\n