Litecoin Price Forecast: Strong resistance to stem bullish rally?
- Litecoin is currently in the midst of a bullish rally.
- As per the detector, there are two strong resistance walls at $62 and $63.35.
Litecoin has been on a bullish rally, as it went up from $38 to $61.50 over the last three days. However, the top 10 cryptocurrency currently faces strong resistance upfront. Let’s see how far the price will go.
LTC faces strong resistance
During the latest bullish rally, the buyers flipped the $59.30 line from resistance to support. Looking at the price history, this is one of the more prominent levels so it should be robust enough to stem any downflow.
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LTC/USD daily chart
The confluence detector helps us visualize healthy resistance and support walls. As per the detector, if the price manages to break above the $62 resistance, it will meet another strong resistance at $63.35, which caps off any further upward movement, for now. If the buyers push past this wall, they should reach $65. On the downside, we have two healthy support at $59.40 and $56.75
LTC/USD daily confluence detector
For the buyers, the goal will be to break LTC past the mentioned resistance walls and reach $65. On the bears, the downside is protected by these two healthy support walls. A break below the $56.75 line takes the price down to 100-day SMA ($53.25).
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
