Litecoin Bulls Test Resistance Levels; $65 Can be Weekly Target

  • LTC price is approaching the immediate resistance level at $61.46 while it holds a strong support level just above the 50% Fib level
  • Litecoin has steadily surged since the year start, and as it has recovered from the recent plunge, it may continue to trade higher
  • The altcoin has formed a bullish trendline after it bounced back from the major support line

Litecoin is trading well above its key supports, and the coin is aiming to cross $65 price mark in the upcoming weeks. The coin is resonating with the current market sentiment which is mildly bullish.

Litecoin Price Analysis

A month ago, LTC was trading at around $42, and it continued the downtrend till the completion of the first week of 2020. From the 2nd week of this month, the currency has been possessing a tight grip over the bullish momentum.

Litecoin News
LTC/USD Chart By TradingView

Litecoin price reached above $60 on January 17, and here, it faced rejection. The pullback ushered the coin near $51 its recent and crucial support level. Over the last five days, LTC has managed a full recovery from that plunge and as per the LTC price forecast, the currency may trade upwards soon if it maintains the uptrend despite hurdles. The coin is set to trade above the 0% Fib level.

The major support line lies between the 50% Fib level and the 38.20% Fib level. Additionally, both the technical indicators are in the bullish zone, where MACD has just formed a bullish crossover. RSI is at 61 which shows no extremities at the moment.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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