Litecoin is in a Stalemate as Bulls and Bears Struggle above $149 Support
Litecoin (LTC) price is still trading in the downtrend zone. Today, LTC has been consolidating above $149 support for the past three days. Buyers and sellers are undecided on which direction the market should go.
On December 6, the bears sent LTC down to a low of $126 while the bulls bought the dips. If the bears have the upper hand, the LTC price will continue to fall to the lows of $140 or $108. On the other hand, if the buyers defend the current support, the upward movement will resume. The cryptocurrency will come out of the downward correction if buyers push Litecoin above the high at $220. Meanwhile, LTC/USD is still fluctuating above the support at $149.
Litecoin indicator analysis
Litecoin is at level 33 on the Relative Strength Index for period 14. The altcoin is still in the downtrend zone and the midline 50. Litecoin is above the 25% range of the daily stochastic. The bullish momentum is insignificant as the price fluctuates. As long as Litecoin’s price bars are below the moving averages of the 21-day line and the 50-day line, the market will tend to fall.
Resistance Levels: $240, $280, $320
Support Levels: $200, $160, $120
What is the next move for Litecoin?
On the daily chart, Litecoin has fallen into the oversold area of the market. There is a tendency for the market to reverse. Meanwhile, the downtrend from November 18 has shown a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that the LTC price will fall to the 1.272 Fibonacci extension level or $155.
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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