Litecoin’s price may reach a low of $66. Litecoin (LTC) may resume a sideways trend if $66 support holds
Litecoin is now in a downward move as bulls fail to push LTC above the $80 resistance. The bulls made two unsuccessful attempts on February 12 and February 14. In the first attempt, the price rose to a high of $82 and dropped to a low of $80. In the second trial, the bulls were repelled and the price fell to a low of $77.50. Nonetheless, all these processes led to the formation of a bearish double top pattern.
A bearish double top pattern indicates that the previous trend has been reversed and selling will resume. LTC has fallen to a low of $68. It may retrace and find support at the $66 support level. Nevertheless, as the selling pressure is waning down, the bulls may defend the $66 support level. A rebound at the support of $66 will propel the bulls to retest the $80 price level.
Litecoin has been in the overbought region since January 29. The current downward move was because XRP has been overbought and buyers were unavailable to push LTC upward. As LTC drops to $71, the RSI fell to level 52. This indicates that the pair is in the uptrend zone and the price is above the centerline 50. Incidentally, LTC will rise to resume the upward movement.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is still in the uptrend zone. It is unclear if the downward move will continue below the EMAs. A break below the EMAs will create further selling pressure on the coin. However, the uptrend is ongoing as long as the price is above the EMAs.
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.