Litecoin Fails to Sustain Above $50 Resistance, Resumes Downtrend
May 19, 2020 at 12:00 // News
Litecoin has not made any significant price movement. There seems to be a striking balance between the bulls and bears.
The bulls rejected further downward price movement but managed to push LTC to $46 high. The resultant effect is a further downward move to the previous low at $43. Nonetheless, if the current downward move persists, we expect LTC to fall $39 low.
Nonetheless, if the crypto finds support above $44 and rebounds, the coin will rally above $50 resistance. The momentum will extend to $55 and we will see the resumption of a new uptrend.
However, the bears may likely put up a defence which will hinder further upward movement. In that case, the coin will trade in a sideways move below $50 resistance. Meanwhile, the crypto has fallen and it is finding support above $44 support.
Litecoin indicator analysis
The crypto is above the 40% range of the daily stochastic, indicating bullish momentum. The momentum has been fluctuating because of the sideways moves of the coin. The EMAs seem to be horizontal as the crypto trades below $50 resistance and above $30 support.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
Litecoin has been consolidating above $43 in the last three days. The upward move to the 46 high has been reverted to $43 low. Recently, LTC is also characterized by small body candlesticks. The candlesticks describe the indecision between buyers and sellers about the direction of the market.
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.
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