Litecoin Loses Two Crucial Support Levels; $65.50 Is Likely to Be the Next Price Level
Dec 11, 2020 at 13:24 //
NewsLitecoin has continued to fall after losing two crucial support levels. The support level at $65.50 will determine whether Litecoin will resume a fresh uptrend or not.
Presently, the altcoin is trading at $71. On the upside, the coin is likely to resume a fresh uptrend as in the previous price action. On November 27, the crypto rebounded at the same low and rallied to $91 high on December 1.
Unfortunately, the upward move was terminated because of selling pressure at a higher price level. The coin had a breakdown and the same low is likely to be revisited. On the other hand, if the bears break below the support at $65.50, the market will decline to either $60 or $57 low.
Litecoin indicator analysis
LTC price has broken below the resistance line of the ascending channel. The implication is that the coin will resume fluctuations within the ascending channel. Besides, the price has broken the 21-day SMA and at the point of breaking the 50-day SMA. A break below the SMAs will compel the coin to fall. This is because the crypto will be in the bearish trend zone.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
From the price action, the coin is expected to fall and reach a low of $65.50. The Fibonacci tool also indicated a further downward movement of the coin but at a different price level. On December 4 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the crypto will fall to level 1.618 Fibonacci extensions or the low of $68.82.
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