Litecoin Unable to Sustain Above $60, Faces Selling Pressure

Unfortunately, Litecoin reached its target price of $60 but could not hold on to a price above it. Litecoin has already fallen to $55 low. The current price level at $55 was a historical price level.

LTC fluctuated over the support before breaking below it. The downtrend continued to a low of $52. The current low is likely to act as strong support. If the current support holds, Litecoin will make a surprise bounce above $60. The momentum can be sustained over $66 or $70.

Litecoin Indicator Analysis 

The pair has fallen to the support of the 26-day EMA. The implication is that Litecoin has the chance to resume its bullish move to retest the previous high. Conversely, if sellers break beneath the EMAs, the downtrend will recommence.

Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20

What Is the Next Direction for Litecoin?

The uptrend of  LTC is under threat from sellers. It is expected that the current support at $52 may hold. Similarly, there are indications that LTC may fall into the previous price range if the EMAs are breached. LTC may fluctuate between $40 and $50. It will lose its earlier bullish gains if it does fall into the price range of $40 and $50.

Disclaimer. This analysis and forecast are the personal opinions of the author 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.

Source: Read Full Article