For the past week, buyers made two unsuccessful attempts to push LTC above the $46 resistance. The bears defended the recent high as LTC was pushed to the $43 low.
On the other hand, the bulls held on the $43 support for the past week. As the current support holds, price has been consolidating above it after the recent rejection.
Nonetheless, if the bulls break the $46 resistance, a retest of the $51 overhead resistance is possible. However, if buyers fail to break the recent high, the uptrend will be under threat. Litecoin will fall and continue its range bound movement between $40 and $46. In the meantime, the market is falling after retesting the $44 price level. The upward move will resume if the $43 support holds.
LTC is still below 80% range of the daily stochastic. The market is in a bearish momentum. The price is likely to break below the 12-day EMA and the 26-day EMA. If it does, the market will have a downward move. LTC will have an upward move if the EMAs hold.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin's recent upward move will come to nothing if the bears succeed in breaking below the EMAs. The coin is in a stalemate as bulls must defend $43 support level or risk a downward move. The coin may be compelled to its previous range bound movement.
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.