Litecoin is range-bound after it dropped to $44 low. The price movement has been confined between $45 and $50.
Today, the crypto is trading in the bearish trend zone which makes it vulnerable to fall. The focus of sellers is to break the current support at $45 to resume the downtrend. Buyers will attempt to push LTC above the $52 high to regain the previous support and resume the uptrend. Sellers currently face strong rejection at the current support level.
On the upside, if buyers fail to break above the recent high, then sellers will attempt to break the current support at $45. The crypto will continue its range bound movement if the current levels remain unbroken. Sellers may have the upper hand as the coin is in the bearish trend zone. A break below $45 support will eventually sink the coin to $39 low.
LTC has fallen below the 20% range of the daily stochastic. It implies that the coin is in the oversold region. The selling pressure is nearing exhaustion. Also, buyers are likely to emerge in the oversold region to push the coin upward. LTC price is still below the EMAs which indicates a possible fall.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is still range-bound within a confined range. The direction of the market will depend on price breakout or breakdown at the key levels. All indicators are pointing to a downward movement of the coin. Nonetheless, if the selling pressure persists, the coin will further decline to $39 low.
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.