Litecoin May Rally, Following the Recent Bullish Movement

Oct 29, 2019 at 10:58 // News
Coin Idol
Litecoin price bounced from its low and made a pullback

Litecoin Price Analysis: Litecoin bounces from the low of $50 demand zone. The LTC may be in a sideways move if it faces another resistance at the $64 price level.

Litecoin price Long-term Prediction: Bullish

Recently, Litecoin bounced from its low at the bottom of the chart but the price made a pullback. This shows that the bulls lack buying power at the upper price level. Meanwhile, the price is making a fresh move to reach the upper price level.

However, if the price fails to break the $64 resistance level, Litecoin may be compelled to a sideways movement. Likewise, if the coin makes a positive move, the price will reach the high above $80 supply zone.

Litecoin Indicator Reading 

On October 25, Litecoin made a positive move as it broke the bearish trend line. This implies that the coin is likely to rise and may come out of the downtrend zone. However, the price made a pullback which could bring a setback. 

A set back may arise, if the price falls below the downtrend line, and the selling pressure may resume. Meanwhile, the coin is trading above the 60% range of the stochastic indicator; this means that the pair is in a bullish momentum. Besides, the price is above the EMAs which explain that Litecoin is rising.

Litecoin Price, October 29, 2019

What is the next direction for Litecoin?

The LTC/USD pair is expected to rise since the price has broken the downtrend line. However, the bulls lack buying power at the upper price level which may compel the price to a sideways move. Meanwhile, if the coin pulls through the $60 and $80 price levels, Litecoin will be out of the downtrend zone.

Key Supply Zones: $90, $110, $130

Key Demand zones: $60, $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.

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