Litecoin Selling Pressure May Close Above $40, Here's Why
Sep 04, 2020 at 11:42 //
News
Yesterday, September 3, Litecoin (LTC) price plunged to $44 low after facing rejection at $64 resistance. On August 30, the coin had earlier rebounded above $56 to break the $64 resistance.
Nevertheless, after a second retest at the resistance, the coin dropped to the current low at $44. The crypto is now in the bearish trend zone.
Litecoin Price Long-Term Prediction: Bearish
LTC is vulnerable to fall at this level. However, if the selling pressure persists; the coin will reach a low of $39. Conversely, buyers have to push the coin above $60 or above the EMAs for uptrend resumption. Otherwise, Litecoin will be compelled to a range-bound movement between $44 and $60. In the meantime, LTC is fluctuating above the $44 support.
Litecoin Indicator Analysis
Litecoin has fallen to the oversold region as it reaches level 21 of the Relative Strength Index period 14. This suggests that buyers will emerge in the oversold region to push prices upward. LTC price is below the EMAs which explains the downward movement of prices.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What Is the Next Move for Litecoin?
Litecoin selling pressure is likely to persist. On the August 21 downtrend; the coin fell to $58 low. The price was corrected upward and the retraced candle body tested the 50% Fibonacci retracement level. It indicates that the price will fall to 2.0 Fibonacci extension level. This suggests that the coin will reach a low of $40. However, analysts believe that the coin will reach $39 low.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow