Litecoin Reaches Overbought Area, Threatens To Fall To $64


Litecoin (LTC) value has been rising after breaking via the $64 stage. On November 23, Litecoin reached a excessive of $83, however fell under the resistance of $80.

Lengthy-term forecast for the litecoin value: bullish

Final week, Litecoin value fluctuated under the excessive of $80. If patrons can break via the resistance of $80, the market will rise to a excessive of $100. Nonetheless, the market was overbought close to the final excessive. Litecoin’s value might fall whether it is rejected within the overbought area. The altcoin will first fall to the break stage of $64. On the time of writing, one Litecoin is price $76.71.

Litecoin indicator evaluation

Litecoin is at the moment at stage 64 on the Relative Energy Index. Whereas the market is overbought, the cryptocurrency continues to be buying and selling within the bullish development zone. The truth that the transferring common traces are increased than the worth bars means that the cryptocurrency value will proceed to rise.

Technical indicators

Resistance ranges: $140, $180, $220

Help ranges: $100, $60, $20

What’s the subsequent step for Litecoin?

Litecoin’s value is in an uptrend. At present, the upward momentum is slowed down by the $80 excessive. Within the uptrend from November 24, a retracement candlestick examined the 61.8% Fibonacci retracement stage. The retracement means that LTC will rise to the Fibonacci extension stage of 1.618 or $97.02. At present, Litecoin’s uptrend is slowed down by the $80 excessive.

Disclaimer. This evaluation and forecast are the non-public opinions of the creator and will not be a suggestion to purchase or promote cryptocurrency and shouldn’t be seen as an endorsement by CoinIdol. Readers ought to do their very own analysis earlier than investing in funds.

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