Litecoin (LTC) Plunges To $25 Low, As Buyers’ Hands Become Weaker

Litecoin (LTC) Plunges To $25 Low, As Buyers’ Hands Become Weaker

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

LTC/USD Price Long-term Trend: Bearish
On March 12, after an initial breaching of $50 to $48, the downtrend resumed to a low of $30. The price moved up and then resumed consolidation above the current support. The market is consolidating between $30 and $40 but the price is currently at $34.

On the upside, if the bulls break the $40 resistance, the price will rally above $50. We will assume that the coin has gained strength and probably resume the upward move. On the downside, if the bears broke the $30 support, LTC will fall to an incredible low.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
Litecoin fell to the oversold region twice but currently is above 20% range of the daily stochastic. This implies that LTC is in bullish momentum. The momentum is weak as we are in a bearish trend.

LTC/USD Medium-term Trend: Bearish
On the 4 hour chart, Litecoin is in a descending channel. The price fluctuation is between $30 and $40. The coin is stable within the price range as the consolidation continues.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping downward indicating the downtrend. Litecoin is at level 45 of the Relative Strength Index period 14. This indicates that the market is still in the downtrend zone. Also, it is below the centerline 50.

General Outlook for LTC
Litecoin is at the bottom of the chart. The coin is currently consolidating above $30 for a possible upward move. It is unlikely for a further downward move for Litecoin as this may portend negatively.

LTC Trade Signal
Instrument: LTC/USD
Order: Sell
Entry price: $34
Stop: $40
Target: $10

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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