The price of Litecoin (LTC) is in a downward correction as the altcoin fluctuates between $102 and $115.
Long-term forecast for the Litecoin price: bearish
Now, the Litecoin price is falling after the rejection at the $115 resistance zone. During the upward movement on April 16 and 19, buyers were unable to overcome the $115 resistance. In other words, buyers fail to keep the price above the 50-day line SMA. As a result, Litecoin continued its downward movement to the previous low at $102.
In the last 72 hours, sellers are struggling to break the current support. On April 25, the bears broke the current support, but the bulls bought the dips. The cryptocurrency rose above the current support. Today, the selling pressure has eased as the altcoin is trading above the $102 support. If the bears break the current support, the market will fall to a low of $96. Conversely, LTC/USD will be forced into a trading range between $102 and $115 if current support holds.
Litecoin indicators analysis
Litecoin has fallen to the 40 level of the Relative Strength Index for the 14 period. The altcoin is in the downtrend zone and below the midline 50. The price of the cryptocurrency is below the moving averages while the altcoin continues its decline. Litecoin is below the 40% area of the daily stochastic. The market remains in a bearish momentum. The 21-day line SMA and the 50-day line SMA are sloping downward, indicating a sideways trend.
Resistance levels: $240, $280, $320
Support levels: $200, $160, $120
What is the next move for Litecoin?
Litecoin is in a downtrend, but selling pressure has eased as the price has risen above current support. The long candlestick tail suggests that the current support is a strong buy point. Meanwhile, the downtrend from April 11 has shown a candlestick body testing the 78.6% Fibonacci retracement level. The retracement suggests that LTC will fall but reverse at the Fibonacci extension of 1.272 or $93.39.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
Source: Read Full Article
IMF says no crypto as legal tender; community disagrees
UST Wins When More Blockchains Issue their Own Stablecoins – Terra's Do Kwon on Tron's USDD
Bitcoin Cash Analysis: Bulls Struggle Near $650
Zircon Finance launches mainnet to mitigate impermanent loss on Moonriver
Hard Fork Brings Ethereum Price 10% Up; Is the Altcoin Regaining its High?