Litecoin Unable to Push Above $60 Resistance as Underlying Strength Weakens

[MRM]

Today, Litecoin is trading at $58 after facing rejection at a high of $60. Since August 2, LTC has been range-bound between levels $56 and $58.

Surprisingly, buyers have been unable to push above the $60 resistance. After several unsuccessful retests at the resistance, the market is still consolidating above $56.

The bottom line is that Litecoin is likely to encounter a breakdown or breakout. The market will shoot up when the price breaks the $60 resistance. Firstly, the price will retest the $65 high to break it. Secondly, LTC will have an accelerated movement to a high of $76 if the overhead resistance is broken. Conversely, LTC may face a bearish reaction, if buyers fail to scale above the $60 resistance. The market may plunge to $47.50 low. Otherwise, the range-bound movement will continue.
Source: https://coinidol.com/litecoin-push-resistance/