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.

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.

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