Litecoin price forecast: Bearish pressure continues after LTC price rejection

Key Highlights

• LTC/USD pair resumes its downward trend
• The coin is falling and approaching the previous low, $80
• On the downside, if the bears revisit the previous low $80, the demand zone is likely to hold

Litecoin Current Statistics

The current price: $85

Market Capitalization: $5,415,143,437

Trading Volume: $2,933,729,109

Major supply zones: $110,$120, $130

Major demand zones: $70, $60, $50

Litecoin  Price Analysis August 9, 2019

The price of Litecoin had been on a downward correction after its resistance on June 23rd. Initially, the price fell to the $110 support level.  At the support level, the market was on a range-bound move above the $120 price level. However, the selling pressure continued as the bears overpowered the bulls.

On July 16, the downtrend was corrected as the bulls made an upward move to retest the previous high. The price was resisted at the $100 price level, and the coin commenced a range-bound move below the $100 price level. On August 5, the bulls were finally repelled as the crypto eyed the previous low at $80 price level.                                                                 

Chart Indicators Reading for Litecoin

The market stands in the oversold zone of the daily Stochastic but below 50% range. This indicates that price is in a bearish momentum and a sell signal. From the daily chart, the bears have broken the lower trend line, which indicates that the downward trend is likely to continue.

However, the broken trend line must have another bearish candlestick to confirm the continuity of the bearish trend. As things suggest, the cryptocurrency’s price will fall and revisit the demand zones of $70 and $80. The market may likely pause at the demand zone for a possible upward move. LTC price stands below the 12-day and 26-day EMA, which indicates that the token’s price is more likely to fall.

General Outlook for LTC

Litecoin is bearish, and it is currently weak. On August 5, if the bulls had broken the upper trend line, the crypto’s price would have resumed an upward move to retest the previous high. Presently, both the price action and the indicators are signaling a bearish pressure for Litecoin, which indicates a sell signal. We expect buyers to emerge if price falls and reaches demand the zones as earlier mentioned.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.