Litecoin Recovers from Downtrend, Consolidates Above $66 Support Line

Feb 21, 2020 at 11:54 // News
Coin Idol
The bulls failed to push the price over the resistance

Recently, Litecoin made an impressive move to reach a high of $80. LTC could not continue with the uptrend. The bulls failed to push the price over the resistance. As a result, the bulls were resisted as the price fell to $65 low. It should be noted that Litecoin traded and reached the overbought region of the market.

In the overbought region, buyers were unavailable to push the coin upward. However, sellers emerge to push LTC downward. Nonetheless, the selling pressure has been exhausted as the coin makes an upward move. More so, it is anticipated that LTC may be compelled to a sideways move since the bulls couldn’t push the price over the overhead resistance. Probably, LTC is likely to fluctuate between $66 and $80.

Litecoin Indicator Analysis 

As Litecoin falls to a $65 low, the daily stochastic also falls beneath the 40% range of the market. This indicates that Litecoin is in bearish momentum. However, this contradicts the current price action. Presently, the market is making an upward move to the recent high.

LTC-CoinIdol (1).png

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

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

What Is the Next Direction for Litecoin?

Litecoin has been on a downward move because the coin was previously overbought. Fortunately, the market has resumed its uptrend. We expect the prices to reach their previous highs. The downward move did not extend below $66 as the bulls defended the support.

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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