• Litecoin reversed from support zone
• Likely to rise to resistance level 120.00
Litecoin cryptocurrency recently reversed up from the support zone located between the key long-term support level 100.00 (which has been reversing the price from the middle of last year, as can be seen from the daily Litecoin chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous intermediate impulse wave (C) from the start of November.
Given the strength of the aforementioned support zone, oversold daily Stochastic and the bullish sentiment seen across the cryptocurrency markets today – Litecoin cryptocurrency can be expected to rise further toward the next resistance level 120.00 (former support from the start of January).