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

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.

LTC/USD – Daily Chart

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.

LTC/USD – Daily Chart

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.


Note: Learn2.Trade 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


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Author : Azeez Mustapha

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