Litecoin has surprisingly continued to fall after rejection from a major resistance. The conquering of the resistance levels of $64 and $80 could have taken the coin out of the downtrend zone. However, there are indications that the downward move may cause a fall to the previous low at $50. However, if the bulls are able to defend the $58 support level, a rebound may occur. This will propel the coin to retest the $64 resistance level.
Nevertheless, a retest may lead to a breakout which could possibly enable the coin reach the high of $80. Conversely, if the bulls fail to stop the bearish run at $58, the coin will dropped to a low at $50. Incidentally, the bears have been stopped at this low on two other occasions.
The price has fallen below the 12-day and 26-day EMAs which signifies that the market may continue to fall. The stochastic is indicating that the market is below the 50% range which means that the price is in a bearish momentum.
Key Supply Zones: $90, $110, $130
Key Demand zones: $50, $30, $10
What Is the Next Direction for Litecoin?
From the price action, the price is below the EMAs which indicates that Litecoin is likely to fall. A price range is already formed as Litecoin moves downward. The bears have failed to break the $50 support level in the previous attempts.
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.