Litecoin has been one of the most affected cryptocurrencies since the market crash began on April 7, losing just over 15% since then. Today it is hovering around $ 40 after making a small price pullback to $ 42. The situation is not at all favorable for this cryptocurrency that in the next few hours must decide whether to maintain important supports or launch again down to $ 39 as a minimum.
We are currently between the 38% and 50% Fibonacci level, it does not seem that we are going to see a rebound in these levels so the price could directly seek the S1 of the week at $ 39.13 or even fall to 61% fibonacci at $ 35.91 . Unfortunately, there is no buying force at this time to prevent a drop of this magnitude in the coming days.
We have already entered a downtrend since the trend line broke around $ 42.15, to regain optimism in the Litecoin market we should see a consolidation above the pivot point of the week at $ 43.37 which just coincides with the EMA of 200 periods. Litecoin is drifting a long way from a recovery scenario, so the path could become a bit long if you want to return to the uptrend that it had been in since March 16.