Litecoin Plunges, Will the Bulls Sustain the Recovery?

Nov 26, 2019 at 13:24 // News
Coin Idol
Litecoin plunges after two months of sideways movement

Litecoin (LTC) falls but is fluctuating at the $44 and $48 price levels. The pair will resume selling if the recent low is broken.

Litecoin plunges after two months of sideways movement at the support of $50. Five days ago, the coin fell and after a short consolidation dropped again to a low of $44. The price pulls back and continues trading below $48 resistance level. The coin is still in the bearish trend zone, if the downward move resumes and breaks the recent low at $44, Litecoin will drop to a low at $36. Nevertheless, if the recent low at $44 remains intact, it is a suggestion that the bulls may take over.

Litecoin Indicator Analysis 

Presently, the price is below the 12-day EMA and the 26-day EMA meaning that sellers are still in charge. LTC will resume a bullish move if the price breaks above the support and closes.

Litecoin price, November 26, 2019

Key Supply Zones: $80, $100, $120

Key Demand zones: $50, $40, $20

What Is the Next Direction for Litecoin?

The pair depreciated resulting in a recent low of $44. LTC is now trading above the recent low at $44 but below the price at $48. As earlier indicated if the recent low is breached, the price will fall. Conversely, the downtrend may be over when the recent low remains intact. Nevertheless, this situation calls traders to 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.

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