Litecoin falls and trades above the critical support at $55. The market will fall to the low of either $47 or $50 if the bears continue to push.
Litecoin is holding above $55 after price rejection at the $64 overhead resistance. The support at $55 was the historical price level in September and October where the market consolidated before the bearish trend was terminated. The bears are bent on revisiting the previous low at $50. The bottom line is that if the current support breaks, Litecoin will fall to the low of either$47 or $50. Nevertheless, Litecoin will commence another bullish movement if current support holds.
The horizontal channel houses the current price range. The market has already tested the support line twice before struggling to break the upper price range. Litecoin ranges in the horizontal channel between the levels of $50 and $65. The coin is trading at level 42 of the daily RSI meaning that price is ranging.
What Is the Next Direction for Litecoin?
There is no trend in sight and the coin may continue to trade between $50 and $65. Presently the bulls and the bears are contesting above the $55 price level. The selling pressure will continue if the bears win the price tussle. On the other, Litecoin will push upward if the bulls take control of price.
Key Supply Zones: $80, $100, $120
Key Demand zones: $50, $40, $20
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.