Litecoin Price Analysis For Saturday, December 19, 2020
Litecoin made a spectacular move in the crypto market after its bullish momentum saw the digital asset break above the resistance figure that has been set since November 23. This bullish break out is coming off the back of a recent triangle trade between several prices that are under the resistance figure. With this break, the coin is projected to trade around $150 in the coming weeks.
Before that, the coin will need to reach $100, breaking the resistance figure in the process. Like previously stated, Litecoin will be eyeing the $150 price mark and will have to face another upside resistance when that happens. Notably, the $150 price mark is an all-time high record of the digital asset, a feat it last reached in 2019 before it began a downtrend.
Litecoin is set to enter a full bullish mode
Analysts have mentioned that Litecoin will see an upward move if the bulls break above the $150 price region. A look at its on-chain analysis shows that Litecoin has wholly entered the overbought region with its Relative Strength Index reading a figure above 70. Analysts have considered this data and have concluded that this current bill run might be nearing its end.
This is despite Litecoin’s stochastic level showing that it is above 80, a number that signals that the digital asset is still holding on to its bullish momentum. Presently, Litecoins resistance figure is around $160, $140 and $120 region while its support is at $40, $60 and $80 price mark.
What should be expected after Litecoin breaks above new resistance
Litecoin has slightly retraced its overhead stance after it broke the resistance figure and this can be seen in its Fibonacci level which shows a region around 38.2 on November 23. This Fibonacci level reading shows that the coin has a very high chance of breaking above the 3.618 Fibonacci extensions or breaking above the $152 price mark.
Analysts have also noted that this is better times for the crypto market generally after the Bitcoin influenced price surge that overtook the market. Even though Litecoins on-chain signals are showing mixed readings, it is only a matter of time before the asset either ride on Bitcoins momentum to make a price surge or makes a bearish run.