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On November 24, Litecoin rose to a high of $ 94 but failed to continue the uptrend. LTC returned to the low of $ 86 and resumed consolidation between $ 84 and $ 90.
On November 25, the bulls again tested the high of $ 90 but were pushed back. The bearish reaction was overwhelming when the price fell to the low of $ 65. At the same time, the bulls buy the bears when the price was corrected above $ 70. Today, the cryptocurrency is hovering above $ 70.
On the upside, if the current support holds, buyers may want to push the price above $ 90. The price can rise above $ 100 if buyers are successful in their current push. Meanwhile, if the current support breaks down, the bullish scenario will be invalidated. Once the bears break out of the $ 70 support, the downward movement will extend to the $ 60 or $ 54 price level.
Analysis of the Litecoin indicator
The LTC price broke the 21-day SMA. A break below the 21 and 50-day SMAs will mean a downward movement of the currency. The cryptocurrency will be fully in the bearish trend zone once the SMA is broken. The coin is at the 48 level of the Relative Strength Index 14 period. Indicates that the coin is in the downtrend zone and below the center line 50.
Key Resistance Levels: $ 80, $ 100, $ 120
Key Support Levels: $ 50, $ 40, $ 20
What’s the next move for Litecoin?
In yesterday’s current breakdown, Litecoin fell to a low of $ 64 and corrected to the upside. During the downtrend on November 26, the body of a retracement candle tested the 78.6% Fibonacci retracement level. The implication is that the coin will drop to the 1.272 level with the Fibonacci extension and reverse. This is the coin will reverse at $ 56.65 but the reversal will not be immediate.
Disclaimer. This analysis and prediction are the author’s personal opinions which are not a recommendation to buy or sell cryptocurrency and should not be seen as an endorsement by CoinIdol. Readers should do their own research before investing the funds.
