Suddenly, the low at $42 was beached after three weeks of defense by the bulls. Litecoin has been in a small range of $42 and $50 over a month ago. The bears have been longing at the edge of the support of $42 to break it. Now the low at $42 has been broken, the downtrend has resumed as expected.
The selling pressure has begun, and we expect the market to reach the $32 or $36 low. The low of $32 was the previous historical price level in February. Litecoin may hold if the coin falls and reaches the low of $32.This is because Litecoin was in consolidation in February.
Litecoin slides down as soon as price breaks the channel. The price range has been terminated as the prices pushes downward. The coin has also fallen beneath 20 % range of the daily stochastic. It explains that Litecoin current fall is not over.
Key Supply Zones: $80, $100, $120
Key Demand Zones: $50, $40, $20
The bearish trend resumes as support at $42 is breached. Nevertheless, in the previous three weeks, LTC was in a range bound move as the trend terminates. Concerning the daily stochastic, the coin is ranging at the oversold region. This implies that if Litecoin falls and reaches the low of either $32 or $36, it will continue a sideways trend.
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.