The price of Litecoin (LTC) continues to rise after breaking through the previous high of $232.
Long-term forecast for litecoin price: bullish
Today, November 9, the Litecoin price has risen and is approaching a high of $250. The current bullish momentum is likely to continue to the upside. Buyers will likely encounter resistance at the $340 high, but the uptrend will resume after a small retracement. Buyers are targeting the next price level at a high of $389. However, at the next target price level, the bulls will face strong resistance. This is because the market will be in a heavily overbought area. Sellers will likely show up and push prices lower.
Litecoin indicator analysis
Litecoin has risen to the 74 level of the Relative Strength Index of period 14. Now the LTC price has reached the overbought region. The altcoin has no room to move up. The daily stochastic is also above the 80% level. The price indicators point to a possible downward movement of the altcoin.
Resistance levels: $240, $280, $320
Support levels: $200, $160, $120
What is the next move for Litecoin?
On the weekly chart, Litecoin is in an uptrend after breaking through resistance at $232. The cryptocurrency will likely continue to move higher. Meanwhile, the uptrend from September 6 has shown a candlestick testing the 38.2% Fibonacci retracement level. The retracement suggests that LTC will rise to the 2.618 Fibonacci extension level or $437.85.
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