Litecoin Is Consolidating Above $120 Support for a Possible Upside Momentum

Following the successful breaking of the $120 resistance, Litecoin (LTC) has continued to sustain on the upside. Litecoin has traded and reached a high of $128 at the time of writing on December 29, 2020.

Litecoin Price Long-Term Prediction: Bullish

The next hurdle for the bulls is to jump over the $140 resistance. A successful break above $140 will enable the crypto to attain the price level of $144. 

That was the historical price level the coin attained in 2019. Nonetheless, Litecoin bulls must defend the $120 support level to sustain the upside momentum. The coin also stands the chance of falling if sellers break that level. A break below $120 support will cause the coin to decline to $104 low. Meanwhile, LTC is fluctuating between $120 and $140. 

Litecoin Indicator Analysis

On the daily chart, there are small body candlesticks called Doji and Spinning tops. These candles are forming above $120 support level. These candles describe the indecision between buyers and sellers about the direction of the market. After a few days of correction, the market may encounter a breakout or break down.

Resistance Levels: $160, $180, $200

Support Levels: $100, $80, $60

What Is the Next Move for Litecoin?

Buyers have the upper hand as the crypto makes positive moves. As the coin rises, the Fibonacci tool indicates an upward movement of the coin. On December 19 uptrend, the coin was resisted at $124, but the retraced candle body tested the 61.8% Fibonacci retracement level. This gives the impression that the crypto will rise to level 1.618 Fibonacci extension level or a high of $156.50. 

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

Source: Read Full Article