Nov 15, 2019 at 12:21
Litecoin Falls after Rejection from the Resistance at $64
Litecoin has surprisingly continued to fall after rejection from a major resistance. The conquering of the resistance levels of $64 and $80 could have taken the coin out of the downtrend zone. However, there are indications that the downward move may cause a fall to the previous low at $50. However, if the bulls are able to defend the $58 support level, a rebound may occur. This will propel the coin to retest the $64 resistance level.
LTC Is Recovering and Attempting to Retest the Upper Price Levels
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.
LTC Struggles at the $63 Resistance Level, May Rally Above $80
In the last 48 hours, Litecoin has consistently maintained its upward move to reach the previous highs. Though, it is expected to face resistance at $63. The bull still has the advantage of an upper hand over the bear. However if the $63 resistance level is breached by the bulls, Litecoin will rally above the $80 price level.
Litecoin Price Ranges Between the Levels of $52 and $60
In October, Litecoin has been fluctuating consistently between the demand zones of $52 and $60. The fluctuations have persisted for over a month due to indecision between the buyers and sellers about the direction of the price.
Litecoin Fluctuates as Bulls or Bears Fail to Control the Market
Litecoin makes a surprising downward move after repeated failure to attain the upper price level. The currency had been consolidating previously for two weeks in October but the bears push the price below the consolidation area. However, the trend corrected upward as the coin resumes its consolidation above the $50 support.