Litecoin is still struggling above the previous range bound zone of $36 and $40. Undoubtedly, LTC is presently battling the resistance at $43 and $47.
Buyers have failed to push prices above these resistance levels. In April, buyers attempted to push the price above $43 but were repelled on three different occasions.
Presently, the market has been trading between $40 and $43; given the fact that LTC lacks buying at higher price levels. Nonetheless, as the price is fluctuating above $40, a rebound is possible. At this point, a rebound is likely to break the resistance levels. Luckily, a break above $47 will propel the price to reach a high of $60. Meanwhile, if sellers turn around and break below $40 support, a drop below $35 is likely.
The price action and the indicator are given contradictory signals. The price action is showing a bullish signal after a downward move from the recent high of $44. LTC is below the 50% range of the daily stochastic. It indicates that the bearish signals are not over.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is trading above $40 at the time of writing. Litecoin is struggling above the current support level. The market can slide below the current support as the price continues to fluctuate. The bears have earlier broken the level as price falls to the $38 or $39 low. Traders can adjust their parameters including stop-loss orders. Stop-loss orders can be placed at $35.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.