Despite yesterday’s rebound, Litecoin (LTC/USD) remained below two of its lines, a short-term downside line taken from the high of March 6th and a short-term upside support line drawn from the low of March 16th. If the price continues to balance below those lines, there is a good chance for the crypto to travel down again. That said, in order to get comfortable with lower areas, we would like to see a drop below the 37.41 hurdle, which is the current lowest point of this week. For now, we will stay cautiously bearish.
As mentioned above, a drop below the 37.41 zone would confirm a forthcoming lower low and more sellers may see a good opportunity to step in. LTC/USD could drift to the 33.28 area, marked by the low of March 20th, which may provide some initial support and stall the crypto. That said, if the selling continues, a break of that obstacle could clear the path to the next possible support level, at 28.82, which is the low of March 16th.
On the other hand, if the two aforementioned lines get broken and the price rises above the 47.29 barrier, which is the current highest point of April, this may attract more buyers into the game, as this move would confirm a forthcoming higher. The crypto could then drift to the 52.92 area, marked by the high of March 9th, which may provide some initial resistance. LTC/USD could correct slightly lower, however, if it stays above the 47.29 zone, the bulls may take advantage of the lower price and push Litecoin higher. If this time the crypto overcomes the 52.92 hurdle, this might clear the path to the next possible resistance area, at 58.33, marked by the low of March 4th.
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