Following the last bearish impulse of July 16, Litecoin has remained confined between levels $41 and $43. The last bearish impulse was a general price fall among the altcoins.
LTC has been consolidating within the price range for the past week. The bulls have failed to break the resistance at $43 after two attempts. The coin has been trading consistently below the exponential moving averages which are responsible for its downward move. However, price is attempting to break above the EMAs.
Litecoin risks a downward move below $41 if it continues to trade below the EMAs. The coin will rise and reach a high of $45 if price is above the EMAs or the $43 resistance. The bears will have the advantage if price is below the EMAs. A break above $43 will push the coin to $45 high. In the meantime, LTC has broken the resistance at $42.50.
The major disadvantage of LTC is that the price may fall if it is below the EMAs. A downward movement of the coin is likely. The crypto has fallen below the 40 % range of the daily stochastic. The bearish momentum has subsided as price consolidates.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Presently, the coin is fluctuating above $43 high. It is on an upward move to retest the resistance at $45. A break above the current resistance will push the coin to $45 high. LTC will continue its range bound movement if it fails to break the current resistance.
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.