The rejection at the $50 resistance complemented the breakdown of Litecoin. In its last bullish move, Litecoin rebounded twice to break the $47 resistance but was unable to breach the next resistance at $50.
The bears took advantage to break the $47 support before plunging to $39 low. Price made corrections but LTC finds support above $0.41.
After the downtrend, buyers made concerted efforts to resume the uptrend. At first, the bulls find initial penetration difficult at $43 resistance. Presently, the price is fluctuating between $41 and $42. Possibly, a rebound is likely above $0.41 which will push the price above $0.45 resistance. Otherwise, a break below $41 support will sink LTC to the lows of either $0.36 or $0.39.
Litecoin indicator analysis
The support line has already been broken by price suggesting a further downward movement of price. From the RSI, LTC has fallen to level 41, meaning that it is in a downtrend zone. LTC is likely to fall.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
Litecoin is in a downtrend as a result of the breakdown. The crypto is currently trading above $41.658 at the time of writing. From the price action, the market is showing some bullish signals. LTC will resume uptrend if the current support holds. Nevertheless, the bears will prevail if the support is breached.
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.