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Is Litecoin in a Bullish Trend?

#OhNoCrypto

Apr 28, 2020 at 11:32 //

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Litecoin lacks buyers at higher levels

Litecoin has made a positive move in the last few days. In recent times, the crypto has been battling with the resistances at $43 and $47.

Fortunately, the price rebounded and reached a high of $45 but the bulls could not sustain the upward move. The market has fallen back above $43 support.

The bulls’ inability to sustain upward is a result of a lack of buyers at higher levels. Presently, buyers have broken the initial resistance at $43 but the bulls are struggling to hold above the current support. Nonetheless, buyers fail to reach the $47 resistance because of the inability to buy at higher levels. Probably an upward move is likely if the coin bounces at the current support of $43. Perhaps the bulls will break the $47 resistance and begin uptrend.

Litecoin indicator analysis 

Litecoin has risen and is above the 80% range of the daily stochastic. This indicates that LTC is in the overbought region. Probably, Litecoin may begin a downward move as sellers emerge in the overbought region. The emergence of sellers may push the price below $43 and this may lead to a resumption of fluctuation below the resistance.

LTC-_Coinidol.png

Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20 

What is the next move for Litecoin?

Litecoin's upward move is doubtful as bulls cannot buy at higher price levels. The coin is currently trading at $44 at the time of writing. The crypto will rise if the current support is holding. A break below this level will depreciate the coin to $42 low.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.



OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow