Expectantly, the bears broke the price range between $42 and $50. Litecoin fell to the $36 low but instantly pulled back to retest the price at $42. LTC fell back to a sideways move. However, since the retest was repelled, LTC is likely to fall. The price action is expected to reach the $36 low.
A break below $36 will push Litecoin to another low of either $30 or $32. Litecoin will hold at the $32 price level if the breakdown is successful. The support at $32 is the same historical price level of February. The market respects previous support and resistance. Possibly, Litecoin will rebound if the support holds.
Under the current price fall, Litecoin fell into the region where selling has been overdone on the daily RSI period 14 levels 22. Buyers are likely to emerge in the oversold region to defend the current support.
Key Supply Zones: $80, $100, $120
Key Demand Zones: $50, $40, $20
Litecoin has traded and fallen to the $36 low. Litecoin has also reached its bearish exhaustion. According to Fibonacci, Litecoin ought to have ended its bearish run at the 1.272 extension level or at $50. Meanwhile, the coin is still trading above the current low at $36. Litecoin risks further depreciation if the current low is broken.
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.