Litecoin May Drop to $39 Low as It Faces Rejection at $48 Resistance
Oct 02, 2020 at 10:01 //
News
Yesterday, LTC faced strong rejection as buyers partially pushed prices above the $48 resistance. The coin reached a high of $48.50 and suddenly dropped to $45.25.
Today, Litecoin is trading above $45 but it is confined between $41 and $48 price levels. The altcoin upward moves have been repelled by selling pressure in recent times.
The market is still falling as a result of the rejection at the $48 high. Possibly, a fall to the lower price range will attract another rebound at the recent low. This will enable the coin to retest the $48 resistance. Litecoin will resume upside momentum if the price breaks the current resistance and the momentum extends above a $51 high. Otherwise, the bears may break the $41 low, if the support fails to hold. The resultant effect is a fall to $39 low.
Litecoin indicator analysis
Litecoin is at level 42 of the Relative Strength Index period 14. It indicates that the coin is likely to fall in the downtrend zone. It is also below the centerline 50. The price bars are below the EMAs and are facing rejection at the 12-day EMA. This also suggests a downward movement of the coin.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
Presently, Litecoin is fluctuating between $41 and $48 price levels. It is unclear in which direction the coin will trend. The market is currently falling and if it breaks below $41, LTC will fall to $39 low. This has been confirmed by the Fibonacci tool analysis. LTC is likely to fall to the 1.272 Fibonacci extension or a low of $39.27.
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