Litecoin Is Limited To A Range But Struggles Below $58 High
The price of Litecoin (LTC) is in a downtrend as the cryptocurrency declines and finds support above the $52 low.
Long-term forecast of Litecoin price: bearish
Since September 19, the movement of the LTC price has been slowed down by the moving average lines. In the previous price action, the upward correction was rejected at the upper resistance of $64.
Last week, the LTC/USD price moved within a trading range between $52 and $64. The LTC price moved up to break above the moving average lines.
On September 23, the altcoin was rejected at the moving average lines. Today, the uptrend may face another strong resistance due to selling pressure. If the LTC price declines and falls below the $52 support, the cryptocurrency price could drop to $47 or $41.
Litecoin Indicator Analysis
Litecoin is at level 47 of Relative Strength for the period 14. The altcoin is in the downtrend zone, but it is making an upward correction. The price bars of LTC are below the moving average lines, which can lead to a decline of Litecoin. The cryptocurrency is above the 80% area of the daily stochastic. Litecoin has reached the overbought region of the market. Sellers will appear in the overbought region and push prices down.
Technical Indicators:
Key resistance levels – $200 and $250
Key support levels – $100 and $50
What is the next move for Litecoin?
On the 4-hour chart, Litecoin has reached bearish exhaustion. The current support has been tested several times. Meanwhile, the downtrend from September 16 retraced by a candlestick has tested the 61.8% Fibonacci retracement level. LTC will fall to the 1.618 Fibonacci extension level or $50.63. From the price action, Litecoin is trending up again and trading at $54.82.
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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