As bulls and bears struggle below the resistance at $50, the bears seem to have the upper hand. On November 29, the bulls were resisted at $50, and the coin drops to a low at $46. The bulls pulled back and retested the resistance at $48. Litecoin is now in a downward move and it is likely to reach the previous low at $43. A break below the previous low at $43 will depreciate Litecoin to drop at $36. Meanwhile, a defense by the bulls at the current support will make the coin resumes a sideways move and probably form a price range. From every indication, the coin may fall since it is under bears’ control.
The market is falling toward the downtrend line and a break below it will mean further depreciation. A bounce above the downtrend will mean an upward move. The EMAs are sloping southward meaning that price is falling. Litecoin appears to be approaching the oversold region of RSI period 14 levels 34.
Key Supply Zones: $80, $100, $120
Key Demand zones: $50, $40, $20
Litecoin is heading southward as the bears resume selling. All the indicators are showing bearish signals. As the market falls, it is important to watch the previous low at $43. If the bears break the low the coin will suffer further depreciation.
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.