Litecoin Retraces to $53 Support as Buyers Recoup to Resume Uptrend

Oct 30, 2020 at 08:55 // News
Coin Idol
Buyers made three unsuccessful attempts to break the resistance level

Litecoin has been on a downward move after buyers fail to push the price above the $60 resistance. Buyers made three unsuccessful attempts to break the resistance level.

Litecoin Price Long-Term Prediction: Bullish

The recent attempt at the resistance resulted in the coin plunging to the low at $53.61. There are indications that the coin may further decline on the downside. 

On the upside, the market will resume the upside momentum, if the selling pressure does not extend below the $51 support. Buyers will have another opportunity to push the price upward to retest the $60 resistance. Conversely, if the downtrend extends below $51 support, the crypto will continue the downward move. In the meantime, LTC is trading at $53.61 at the time of writing. Nonetheless, the holding of $51 support will determine the next move of the coin.

Litecoin Indicator Analysis

Yesterday, the price broke below the resistance line as the coin continued its downward move. The crypto has been in the overbought region for the past week. Sellers have emerged to push prices down. The coin is below 80% range of the daily stochastic. The price bars are presently above the SMAs which suggests that the coin is in the bullish trend zone.

LTC coinidol.png

Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20

What Is the Next Move for Litecoin?

The Litecoin downtrend continues on the downside. In the recent breakdown on October 28, the retraced candle body tested the 78.6% Fibonacci retracement level. LTC will fall and reverse at the 1.272 Fibonacci extensions. That is the market will drop to $53 low and resume upward.

LTC coinidol 2 chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.

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