Litecoin Faces Selling Pressure at $50 Overbought Region

Litecoin makes a gradual downward fall after reaching the overbought region. Over the past week, LTC rebounded above $44 and reached a high of $50.

The uptrend could not continue because of the price reaching an overbought region. Sellers emerged as prices were pushed downward. Immediately, the bulls attempted a retest in the region which resulted in further selling pressure. The market has fallen to a low of $46. A further downward move will follow if the bears break below $46 support. This will push the price to a low of $43. Possibly, LTC can recover, if the $46 support holds and bulls resume upward move.   

Litecoin indicator analysis 

Litecoin is presently in a downward move. It is below the 75% range of the daily stochastic. The market has bearish momentum. The price action confirms the downward movement of price as the EMAs is likely to be broken. Possibly, a break below the support line will mean a further downward move.

Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20

What Is the Next Move for Litecoin?

The bullish gains of Litecoin are likely to be erased if the selling pressure continues. Litecoin is currently trading at $46 low. The crypto will revisit the previous low of $40 if the market falls and bears break below $43 support. The bulls have failed to sustain the uptrend because of a lack of buying at higher levels.  

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.