Litecoin is still crawling as market forces seem to be at equilibrium. The bulls and bears have no overwhelming authority over each other. The coin is still trading in a tight range of $42 and $50.
Since December 10, the price movement has not gone above $44 or gone below $42. However, the market is characterized by low volatility, as the current levels of price range are yet to be broken.
What we are expecting in the nearest future is that if the low at $42 is breached, the downtrend will continue to the low of $36. In the same manner, a breakout above $50 will move LTC to a high of $60 or 65. Meanwhile, in October the bulls break the downtrend line and the price closed above it. This is an indication that the bear market has been terminated. However, the selling pressure resumes when the bulls were resisted at the $65.
The MACD lines are horizontally flat below the zero line indicating that the coin is ranging and the market is still sending a sell signal. The price is hitting the support line, if the bears fail to break the support, the range-bound move will continue.
Key Supply Zones: $80, $100, $120
Key Demand Zones: $50, $40, $20
Litecoin is currently trading in a tight price range. As earlier indicated the range-bound movement continues if the support line remains intact. Meanwhile, traders should look out for a buy setup as the market is said to be oversold.
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.