Litecoin Still In The Bearish Zone

For the last two days, Litecoin has been recording losses as the digital asset is looking to return from the previous loss that it suffered. Its bearish one started as far back as March 14, and every time the assets try to come back, the resistance pushes back. As at this time, the digital assets are trading way below both averages and are eyeing a movement down the lower channel. With Litecoin failing to come from behind to make a bullish run, traders would be worried, which might change the way they see the market. If this continues, the digital asset would be looking to fall further and create a new low record.

Litecoin needs the intervention of the bulls

As it stands now, if the digital asset witnesses a break below the current $180 support level, it would be aiming to touch the $160 support level. If the bears gain ground in the market, they would be looking to push the digital asset closer to the $150 level. If the bulls fail to defend the asset and the bears continue their domination, the asset would be looking at the last support level at $140 as a saving grace.

As it stands now, traders would be happy because the digital asset’s strong short-term support is still the $185 and $183 levels. With the average chart in mind, the digital asset might be able to touch the resistance level at $210. If the digital asset further claims to rise upward, it could touch the $230 and $240 resistance zone. If the bulls are having a field day in the market, they could propel the asset to go way over and touch the last resistance figure at $250.

LTC/BTC comparison

The market is now crossing below the 45 levels in its Relative Strength Index, and a move towards the south would signal another deep fall for the asset. The story is not different against Bitcoin as the digital asset is still experiencing the same fall for the past three days. The coin has broken below its support level at 3500 Satoshi and is trading around 3450 Satoshi at this present time. If the asset continues to fall, it would see another critical support at 3020 Satoshi. However, if the bulls enter and dominate the market, it could go all the way to reach 4200 Satoshi. With the asset being sold at 3429, the bulls can use this medium to step into the market and power it up.

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