Last week, the Litecoin (LTC) price was in a downward correction at the bottom of the chart. Today, the LTC price is retreating after being bumped off the 21-day moving average line.
It is also pushed off from the high at $116. Since January 22, the altcoin’s price has been fluctuating between $100 and $116.
The price movement has remained relatively stable above the $100 support. Today, the LTC price has retreated to a low of $112. Litecoin is capable of resuming an uptrend if the price rises above the current support and moving averages. On February 10, the bulls broke through the moving averages but were unable to sustain the bullish momentum. This led to the current downtrend. On the downside, the bulls are likely to defend the current support as it has not been breached yet.
Litecoin indicator analysis
Litecoin is at level 47 of the Relative Strength Index for period 14, indicating that the altcoin is in the downside zone and below the centre line 50. The LTC price bars remain below the moving averages, indicating a possible downward movement. The altcoin is above the 50% area of the daily stochastic. This indicates that the market is in a bullish momentum, but it is unstable.
Technical Indicators:
Resistance Levels: $240, $280, $320
Support Levels: $200, $160, $120
What is the next move for Litecoin?
Litecoin is in a downtrend. The moving averages of the 21-day line and the 50-day line are sloping south, indicating a downtrend. The Fibonacci tool suggests a possible reversal at the 1.618 Fibonacci extension or the low at $84.88. Price action shows that the market has consolidated above $100 support since January 22.
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.
Source: https://coinidol.com/litecoin-100-support/