Litecoin (LTC) Plummets to $39 Low, Holds Above $42 Support

Litecoin (LTC) Plummets to $39 Low, Holds Above $42 Support

Key Resistance Levels: $70, $80, $90
Key Support Levels: $50, $30, $10

LTC/USD Price Long-term Trend: Bearish
After three unsuccessful attempts to break the $50 overhead resistance, LTC suffers another setback. The market has been falling above $46 support after each resistance. The recent breakdown breaches the support levels of $46 and $44 to reach $39 low. The bulls made a downward correction above $42 and resumed consolidation above it. Nonetheless, with the recent fall, the coin is in the bearish trend zone. A further downward move is likely.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day are sloping downward indicating a downtrend. LTC is at level 43 of the Relative Strength Index period 14. The coin is in the downtrend and it is likely to fall.

LTC/USD Medium-term Trend: Bearish
On the 4 hour chart, the bulls fail to break the horizontal line, propelling the bears to take advantage. Presently, price fell above $42 and resume consolidation.

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping downward. LTC is above 80% range of the daily stochastic. The market is said to be in the overbought region. We expect sellers to emerge to push prices downward.

LTC/USD – 4 Hour Chart

General Outlook for LTC
Litecoin is on a downward move. The stochastic is already showing overbought condition. The implication is that LTC is likely to fall. The upward move is unlikely at the moment. The price action is also showing bearish signal.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.