Litecoin (LTC) Plunges to $41 Low, May Resume Upward Move

Key Highlights
The bears broke the range-bound movement as price reaches the low of $39
Litecoin will reverse at the low of $39

Litecoin (LTC) Current Statistics
The current price: $43.68
Market Capitalization: $2,861,261,200
Trading Volume: $2,310,511,995
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis September 22, 2020
Following the last bearish impulse on September 3, LTC has been range-bound between $45 and $51. Yesterday, the bears broke the range-bound movement as the coin dropped to $41 low. With this breakdown, the coin may reach a low of $39 before resuming an upward move.Alternatively, the coin may rebound and resume the upward move. Buyers are expected as price approaches the oversold region.

Litecoin (LTC) Technical Indicators Reading
LTC is below 25 % of the daily stochastic. It indicates that the coin is in a bearish momentum. LTC is in the bearish trend zone as the price is below the EMAs. The coin will fall as long as the price is below the EMAs.

Conclusion
Litecoin has fallen to $41 after breaking the $45 support. According to the Fibonacci tool, the retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the crypto will fall and reach the 1.272 Fibonacci extension level or $39 low. The altcoin will reverse when price reaches that level.


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