Litecoin (LTC) is range-bound between the levels of $43 and $50. The market has been characterized by low price movement.
Litecoin has not shown any changes in price movement over the past four days. The market dropped to a low of $44 and commenced consolidation above the $44 price level. Currently, the Litecoin is facing instability as the market seems to be stagnant. At present, the coin is in a price range of $43 and $50. Earlier on the bears have taken the price to the low of $42 during the time of volatility.
The support at $43 may be broken as bears are itching to go at the lower price level. Litecoin can only depreciate if the bulls allow the $42 support level to be broken. On the contrary, if the price rebound at the $43 support, the coin will rally above the price of $50. In the meantime, the market is in a period of indecision as the market participants are undecided about the direction of price. The chart is also filled with small body indecisive candlesticks.
Presently, the price is testing and retesting the support line of the horizontal channel. The support line can be broken anytime, and if it does, LTC will reach a low of $36. The RSI corroborated further selling of Litecoin as it approaches level 34 of the indicator.
Key Supply Zones: $80, $100, $120
Key Demand Zones: $50, $40, $20
It is certain that Litecoin is still in a downtrend. Sellers are not relenting to push price downward. Once the bears break the low at $42, Litecoin will find support at $36. It will be a great opportunity for traders to initiate long orders at a low of $36. Remember we buy low and sell high.
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.