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Litecoin Rebounds but Faces Rejection at $47 Resistance

#OhNoCrypto

May 08, 2020 at 10:55 //

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If bulls have a strong bounce, Litecoin can breach resistance levels of $47 and $50

Yesterday, Litecoin rebounded above the $44 low to reach a high of $47. Regrettably, the rebound is insufficient to break through the resistances of $47 and $50.

The current upward move is facing rejection at the $47 resistance. The bulls have failed to achieve a strong bounce to break the resistances. This is an indication that the crypto lacks buyers at higher levels. 

On the upside, it is anticipated that if the bulls have a strong bounce, the resistance levels of $47 and $50 will be breached. The bullish momentum will continue as the price rally above the $60 price level. Conversely, if the bulls fail to achieve strong bounce, this will give the bears the leverage to sink LTC downward. In previous instances, the bears took advantage to sink the crypto to its previous low.

Litecoin indicator analysis 

The crypto is presently below the 40% range of the daily stochastic. This is because the coin was on a downward move after it was overbought. The stochastic bands are making a U-turn indicating the earlier rebound of the coin.  

LTC-CoinIdol_(7).png

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

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

What Is the Next Move for Litecoin?

Litecoin has not been able to push upward because of a lack of buying power at a higher level. The rebound yesterday could not break any of the resistances. The implication is that the upward move is doubtful until the $50 resistance is breached. The uptrend is likely as the price is above the EMAs.

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