Once, not very long ago, a prevailing cryptocurrency Litecoin (LTC) is dropping positions quickly and Litecoin LTC price analysis shows a fresh downtrend as predicted.
At the time of writing Litecoin LTC price stands at the $57.64 mark but the trend is likely to stay bearish a little longer and a reversal back to the $55 mark is expected.
Litecoin LTC price analysis shows predicted movement
Litecoin LTC price analysis shows that the movement is rather predicted. The Litecoin Foundation is already in monetary trouble and on top of that nodes have been dropping continuously since the latest Litecoin halving event.
The bulls have not been able to surge Litecoin beyond the resistance level of $62.0764, but they continue to grind which is a positive indicator.
In case it jumps off the 20-day Exponential Moving Average (EMA), the breakout of $63.3876 is incredibly plausible leading to a rally pointing to $80.2731. Investors will be able to hold their long standpoints at an end loss of $47.
In case it does break beneath the twenty-day exponential moving average, it could drop to a range of $50 to $47.1851.
This is a crucial zone to look out for in case break downs occur in this way, the slope downwards will continue. However, if the support zone remains intact, they may stay within a range for another couple of days.