Litecoin (LTC) price is in a downtrend, but selling pressure has eased as the market reached the low of $102.
Long-term forecast of Litecoin price: bearish
On April 16, Litecoin rallied to the high of $115, but was pushed back. On the upside, the market could have rallied to the high of $130 if the bulls had overcome the resistance at $115. The upside is doubtful as the altcoin is facing another rejection. On the downside, the cryptocurrency will fall back to the crucial support above $100. Litecoin will have to move between $100 and $115 if the current support holds. It is trading at $110 as it continues its downward movement.
Litecoin Indicator Analysis
Litecoin has fallen to level 46 of the Relative Strength Index for the period 14. The altcoin is in the downtrend zone and below the midline 50. Litecoin is below the 40% area of the daily stochastic. LTC price is below the moving averages, indicating further downward movement of the cryptocurrency. The 21-day line SMA and the 50-day line SMA are horizontally sloping, indicating a sideways trend.
Technical Indicators:
Resistance levels: $240, $280, $320
Support levels: $200, $160, $120
What is the next move for Litecoin?
Litecoin is in a downtrend, but the altcoin has found support above the $102 level. The price indicator has indicated a possible downward move for the cryptocurrency. Meanwhile, the April 1 downtrend has tested the 38.2% Fibonacci retracement level with a retracement candlestick. The retracement suggests that LTC will fall to the 2.618 Fibonacci Extension level or $95.95.
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-holds-102/