Litecoin is in a tight range as it consolidates between $36 and $40. The consolidation is close to the resistance at $40.
This gives the bulls an added advantage to push above the resistance. The tight consolidation is caused by Doji and Spinning tops candlesticks.
The candlesticks describe the indecision between the buyers and sellers about the direction of Litecoin. Litecoin is facing selling pressure after testing the resistance line of the descending channel. The pair may drop to a low of $30. Conversely, an upward move is possible if the bulls break the resistance at $40. LTC will possibly rise to $50 or $60.
The pair is below the 75% range of the daily stochastic. The market has bearish momentum. The 12-day EMA is acting as a resistance to Litecoin. The EMAs are sloping horizontally because of the recent consolidation.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is in a tight range as the market continues its consolidation. Recently, Litecoin fell to the low of $28 but LTC is presently consolidating between $36 and $40. The market has been characterized by small body indecisive candlesticks responsible for the consolidation.
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.