Litecoin trades below the resistance zone of $48 to $50. The pair may move up to $65 if the resistance zone is breached.
The other day we observed Litecoin plunging below $50 after the bulls defended the support for over two months. The coin fell and pulled back immediately. Ever since, the bulls are finding it difficult to push the price above the resistance zone. This time it is the turn of the bears to defend the resistance zone of $48 to $50 price levels.
All the same, if the bulls succeed in breaking the price at $50, the market will move up to a high of $65. The pair may have a similar situation on the downside if the bulls were resisted. The market may further slide down. Meanwhile, let us see how the coin will fare under the present market situation.
The market is in a bullish momentum, and the price is in the oversold region below 20% of the daily stochastic. The Fibonacci tool has indicated that Litecoin will trade and reverse at the 1.272 extension level.
Key Supply Zones: $80, $100, $120
Key Demand zones: $50, $40, $20
The coin is trading below the EMAs which mean that the price tends to continue falling. The pair has been weak at the current price level as the bullish momentum has little or no effect. The pair is currently ranging below the resistance zone. The coin may fall or continue its sideways move if the bulls fail to push the price upward.
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.