Litecoin Consolidates, Lacks Buying at Higher Levels
Mar 20, 2020 at 12:25 //
News
Following the March 12 breakdown, Litecoin slumped to $28 low. Shortly after that, the bulls pulled back to trade above $38. The bulls have earlier bought at the recent low to push Litecoin to the previous highs.
Unfortunately, the upward move was cut short as the bulls were resisted at the $40 resistance. Litecoin is now in a range between $28 and $38. Recently, the bulls attempted and broke the upper price range of $38 but were repelled at $40 resistance. The uptrend was scuttled but LTC is continuing with its fluctuation.
The pair fails to push price over the overhead resistance. This shows that Litecoin lacks buying power at higher levels. LTC would have reached the high above $50 if the bulls have overcome the initial resistance at $40. Nonetheless, if the downtrend resumes and the bears break the support at $28, Litecoin will drop to $23 low.
Litecoin Indicator Analysis
Presently, Litecoin is over 20% of the daily stochastic. It implies that the market will be in bullish momentum. The price is an uptrend but the momentum is weak bearing in mind the present bear market.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What Is the Next Direction for Litecoin?
Litecoin is rising and it is attempting to break the resistance at $40. It appears the market will continue with its consolidation for a few more days. Nonetheless, it will signify negatively, if the bears turn around and break the $28 support.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow