Litecoin prices have fallen in the last 3 days. They have gone below $ 130 and are currently trading around $ 120. Litecoin had even fallen to below $ 120 before rising once again around those levels.
The price had fallen all the way to $ 116. After that, however, there was some rise which was seen. They have now moved to around $ 120. According to the charts, however, the upside is limited. The 23.6% Fib retracement level of the Litecoin around $ 136. As a result, any recovery will battle around those levels only.
In addition to that, even when Litecoin rises, in most of the cases it will not be able to move up to $ 130. This is because there are plenty of resistances at the $ 130. Also, the resistances near the current price include $ 122 and $ 126. These resistances are clearly visible on the hourly chart.
When you look at the 2nd trend line, which is around the 50% Fib retracement level, it clearly indicates that moving up the $ 126 mark; make it rise to $ 130.
On the other hand, if the resistance of $ 126 is not closed, Litecoin can move downwards once again. The reason which was created that is $ 116.25 is actually a short-term support for Litecoin. After that, the support stands at $ 110. In case of any downtrend, these 2 supports must not be broken. In case, the lower support is broken as well, Litecoin can go into a free-fall. After that, it can test levels as low as $ 100. This is the reason why the price movement will be clearly monitored.
Currently, sellers are quite active in Litecoin. As a result, the support can take quite easily. If indeed, it breaks, it will become difficult for Litecoin to trade of $ 120 in the shorter term. If you are a trader in Litecoin or if you’re thinking of investing in Litecoin, it will be a good idea to keep a watch on these levels. When you keep a watch on these levels, it will be easier for you to understand you should think about investing.
Thus, if you’re thinking of investing in Litecoin, it will be a good idea to wait it out currently. Once the bearish sentiment is done and dusted with, automatically Litecoin has a greater chance to clear those resistance levels.
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