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Litecoin Faces Rejection at $43 After a Short Rally

#OhNoCrypto

May 15, 2020 at 13:02 //

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Litecoin might shoot up and retest the $50 overhead resistance

After its May 10 breakdown, the bulls rejected further downward movement from the bears. The bears have fallen to the initial $39 low as buyers step in to push price upward.

The bulls successfully pushed the price above $43 but faced resistance. The $43 support has been a historical price level where LTC has earlier rebounded to reach the $50 high. 

The continuous upward move has been put on hold as the market consolidates above $43. Nonetheless, if the bulls turn down from the current level, a revisit of LTC at $39 low is likely. On the upside, if buyers overcome the current resistance, LTC will shoot up and retest the $50 overhead resistance.

Litecoin indicator analysis 

Litecoin recovered after the bears broke the support line to the downside. Further selling pressure was overcome by the bulls as the market resumed bullish movement. LTC is also above the 20% range of the daily stochastic, indicating bullish momentum.

LTC-CoinIdol.png

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

Key Support levels: $50, $40, $20

What is the next move for Litecoin?

Litecoin is still consolidating above the $43 support. We are awaiting the outcome of the price action above $43 support. A possible upward move is likely if the current support is well defended. Presently, price bars are below the EMAs which indicate a possible downward move of the coin. However, a rebound at the current support can take LTC out of the bearish trend zone.

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