Wednesday, April 8, 2020

Litecoin remains bearish, next major support likely at $36

The Takeaway:

Litecoin threatens to go below a major support level of $50. Analysts are predicting the next support level at $36 if it goes below $50 mark. If the token manages to stay above $50, the key resistance would most likely be at $73.50.

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The price of Litecoin is struggling to maintain an upward momentum as it threatens to break below the support level of $50. If the coin does go below $50, the next key support level would likely be at $44 and $36. Bulls need to make the price go above $66 level to encourage traders to move back into short-term long positions.

If LTC manages to trade above $50, then the key resistance is found at $66 and $73.50. Yesterday Litecoin slid from an early morning high $56.61 to intraday low $53.62and broke two major support levels at $55.56 and $54.68 before rising again to $56.87 today.

According to trend analysts, Litecoin right now is in a vulnerable technical position. Failure to hold onto $56 levels could see the token dive down to below $50. Let us know in comments where do you think the price of Litecoin is heading in the short term?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

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