Litecoin Pulls Back and Consolidates Above $30 After Breakdown

On March 12, Litecoin dropped sharply from a high of $50 to a low of $28. The bulls subsequently pulled back but were resisted at $38. The pair was compelled to a sideways move between the low of $28 and the high of $38.

Nonetheless, after the pullback, the bulls made two unsuccessful attempts at the $38 resistance. The bears are barring further upward movement at the $38 resistance. At the moment, LTC is fluctuating between the low of $28 and a high of $38. Possibly, LTC may fall to the low of $23, if the bears break the $28 support. The market can as well move up if the $38 resistance is breached.

Litecoin Indicator Analysis 

Litecoin fell to the oversold region twice but it is above the 20% range of the daily stochastic. This indicates that Litecoin is in bullish momentum. LTC can make an upward move to the previous high. It is presumed that the bulls are emerging in the oversold region.

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

Key Support levels: $50, $40, $20 

What Is the Next Direction for Litecoin?

There is no indication that Litecoin is out of its downward move. In the meantime, LTC is confined between $28 and $38. The first sign to show that the bulls are back is the breaking of $38 resistance. Litecoin can rally above $50 if the bulls break the $38 resistance.

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.