Litecoin has gained 22% in its upward move against the latest bearish impulse. Coinidol.com news outlet reports that the coin has many other opportunities as the initial resistance level has been breached.
By November 12, Litecoin has two hurdles to jump over before Litecoin can be regarded to be in an uptrend. It is currently facing resistance at $64. Nevertheless, LTC will have to jump over the resistance levels of $64 and $80 before it can commence an upward movement.
The market is expected to reach a high of $130 or $140 price level if the bulls succeed in overcoming those levels. However, if the pair fails to overcome those levels, the coin will remain at the bottom of the chart and may slide back to the previous low. Nevertheless, more buyers should be introduced at the current price level to propel the buying power.
Litecoin Indicator Analysis
The RSI tool period 14 levels 53 are above the centerline 50 which indicates that the price will tend to rise. The major issue is that the downtrend line has been broken which signals that the bearish pressure has been exhausted.
Key Supply Zones: $90, $110, $130
Key Demand zones: $50, $30, $10
What Is the Next Direction for Litecoin?
In a matter of days, Litecoin will rise as soon as the first hurdle is jumped over. Though, the LTC has to increase its buying power at the support level. The EMAs have shown that the pair is likely to rise as the price is above it. Nonetheless, the bulls have to ensure that the price is sustained over the EMAs for the coin to rise. Our analysis will be nullified if the price breaks below the EMAs.
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.