Litecoin (LTC) Rebounds above $0.43, Uptrend Likely

Litecoin (LTC) Rebounds above $0.43, Uptrend Likely

Key Highlights
Litecoin rebounds above $43 to escape the downtrend
The crypto faces resistance at the $48 resistance zone

Litecoin (LTC) Current Statistics
The current price: $45.61
Market Capitalization: $2,990,040,077
Trading Volume: $1,862,119,846
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis September 29, 2020
Litecoin is trading at $46 high at the time of writing. The bulls “buy the dips” as the coin escapes the downward move. Sellers intended to sink LTC to the low of $39. Earlier on the bears broke the range-bound movement between $45 and $51 as the coin slumps to $41 low. The price was corrected upward immediately above $0.43 before it rebounded.

Meanwhile, the current upward move is facing resistance at the $48 high. This current resistance can be breached if price rebounds above the $45 support. Perhaps, if buyers can push the price above the $58 high, Litecoin will be out of the downward correction. The crypto will resume upside momentum. Otherwise, the coin will be range-bound between $43 and $48 .

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin upward move is hampered by the resistance at the 12-day EMA. The upward move can be possible if price breaks above the EMAs. At the moment, the upward move is doubtful as the coin is in the bearish trend zone. In the meantime, the coin is in a bullish momentum above the 40% range of the daily stochastic.

LTC/USD – Daily Chart

Conclusion
The current downward move is unlikely as the coin has rebounded above the $41 low. LTC would have declined to $39 if the $41 low is breached. Therefore, the Fibonacci tool analysis of price reaching the 1.272 extension or $39 low is not feasible.


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.