The Litecoin price dropped to a low of $60 after being repelled at the $64 price level. Surprisingly, in the previous days the bulls were making impressive moves before the price fell to its previous low. This signifies that the coin has no buying ability at the upper price levels. Meanwhile, the bulls are regrouping again to retest the resistance level.
If price gets to the resistance level and breaks it, we should expect LTC to move to the $80. Likewise, if the $80 price is also penetrated, the coin will be out of the downtrend zone. Nonetheless, our bullish view may be invalidated if the price failed to break the $64 price level the second time. This will result in a sideways move by the coin.
The price is still in the overbought region above the 80% range but it is making a U turn. LTC may be in a bearish momentum if it fails to recover. The price is retracing and if it breaks below the EMAs, the selling pressure will resume.
Key Supply Zones: $90, $110, $130
Key Demand zones: $50, $30, $10
We have to watch the $64 price level to determine the final direction of the price. Litecoin will resume its bullish move if price retraces and find support above the EMAs. However, it is unlikely that the price will retrace and fall below the downtrend line.
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.