The Litecoin prices saw a recent upward surge and reached a $47 high. But with this, it was insufficient to have the crypto climb beyond the $47 and $50 market resistance. It’s an indication that this digital currency hasn’t seen those buyers at the higher level of the market.
On the flip side, if the upward market trend for the LTC continues at the level it’s going, we might see it break the current $47 and $50 resistance. Expected are that prices might jump as high as $60.
If that happens, the LTC would have jumped out of the current market resistance. Otherwise, the competition will take advantage to sink the crypto further than it is currently. The same happened in the past when the game swallowed the digital currency.
The market indicator for litecoin prices
On the daily stochastic, Litecoin prices are currently below the 40% range. After it was consistently overbought, LTC saw a continuous downward surge. The surge not far from the reason it’s underperforming.
But recently, the stochastic has seen a reverse of its curve. This u-turn is an indication that the coin is witnessing an early recovery.
What would probably follow
This crypto has always suffered from competition because, over the years, the buying power has remained low. Even the recent price bounce made no significant difference, and it couldn’t even break past the market resistance.
The possibility of Litecoin prices moving upward is highly doubtful. Until we see market resistance move beyond the $50 resistance level, the crypto will still suffer the current market resistance it’s facing.
To stand a chance at beating the market competition, the LTC must fight to increase the current buying power, and ensure buyers are high-value buyers.
