Litecoin (LTC) has resumed selling pressure after the bears broke below the 21-day moving average. This is a sign that Litecoin will fall back into the $140 to $160 range.
If the bears break the support at $140 to the downside, the market will fall back to the low of $126. The low at $126 is the previous low of the December 4 price drop. Support at $140 has been held since September 28. If support at $140 holds, the cryptocurrency will be forced to move within a range. Litecoin has fallen to a low of $151 at press time.
Litecoin indicator analysis
Litecoin is at level 40 on the Relative Strength Index for period 14. The altcoin is in the bearish trend zone and is below the 50 center line. The 21-day moving average line and the 50-day moving average line are sloping south, indicating a downtrend. Litecoin is above the 20% range of the daily stochastic. The altcoin is in the oversold region of the market. Buyers are expected to emerge to push prices higher.
Resistance Levels: $240, $280, $320
Support Levels: $200, $160, $120
What is the next move for Litecoin?
Litecoin has been in a downtrend since December 24. The selling pressure has reached the low of $150 as the bullish candle appears above the current support. Meanwhile, the downtrend from November 26 has shown a candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that the LTC price will fall to the 1.618 Fibonacci extension level or $145.39.
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.
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