Litecoin Makes an Upward Correction but Remains Stuck at $54

The price of Litecoin (LTC) is in a downward correction as buyers push the altcoin above the 21-day line SMA. The upward momentum could not go beyond the 50-day line SMA.

Currently, LTC is contained between the moving average lines. On October 23, buyers intended to push the altcoin above the moving average lines, but were rejected. 

In the past three days, the LTC price traded between the moving average lines. Litecoin will continue its uptrend if the bulls break the 50-day line SMA and the upward momentum continues. The market will rise and retarget the overriding resistance at $64. However, if the bullish scenario is invalidated, Litecoin will continue its sideways movement between the moving average lines. On the other hand, the altcoin will fall back to the current support at $48. 

Litecoin indicator analysis

Litecoin is at level 49 of the Relative Strength Index for period 14. It seems that there is a balance between supply and demand. The moving average lines are sloping horizontally while the price bars are consolidating below this line. The cryptocurrency is in a bearish momentum below the 40% area of the daily stochastic. The altcoin could trade between the moving average lines for a few more days as the price bars are between the moving average lines.

Technical Indicators 

Resistance Levels: $140, $180, $220

Support Levels: $100, $60, $20

What is the next move for Litecoin?

On the 1-hour chart, Litecoin is in a downtrend as the price corrected upwards to the $53 high. On October 24, Litecoin corrected upwards and a candlestick tested the 61.8% Fibonacci retracement level. The correction means that LTC will fall to the 1.618 Fibonacci Extension level or $51.83.

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 in funds.

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