The price of Litecoin (LTC) has fallen dramatically as it has returned to its March 20 low.
Long-term forecast of Litecoin price: bearish
As the cryptocurrency sank to a low of $71, the bulls bought the dips. After the recent drop, altcoin is currently consolidating above the $75 support. Litecoin is currently selling at $78 as this article is being written. The oversold area of the market is approaching the current decline. If the current support holds, the altcoin will regain the positive momentum above it. However, since March 20, LTC/USD has held above the current support. The altcoin is again moving up above the current support. The market is expected to reach the previous price highs of $88 and $92. On the other hand, Litecoin is unlikely to fall below its recent low of $68.
Litecoin indicator analysis
The current slide in Litecoin’s price has put it on the Relative Strength Index for the period 14, level 36. After a recent decline, the altcoin is currently correcting upwards. The price bars are well below the downward moving average lines. The daily stochastic is at 75, where the cryptocurrency asset is in a bullish trend. If it approaches the overbought zone, the cryptocurrency value is at risk of a decline.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What is the next step for Litecoin?
Litecoin is losing value as it approaches the oversold area of the market. The cryptocurrency is above the $75 support level as traders struggle to keep the price above the current support. The cryptocurrency has been held since March 20. The future viability of the current support is unclear.
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.
Source: https://coinidol.com/litecoin-continues-slide/