Litecoin (LTC) price is in a downward correction as it breaks below the moving average lines. The cryptocurrency plunged to a low of $53 as bulls bought the dips. The upward correction is in danger of failing at the 50-day line SMA.
As a result, the altcoin will continue to fall. However, if the current support holds, the LTC price will be forced into a range between $53 and $64. On the other hand, if the bears break below the current support, the altcoin will fall to the low of $47. Meanwhile, the decline has stopped as the cryptocurrency hovers above the current support.
Litecoin indicator analysis
Litecoin is at level 43 of Relative Strength for the period 14, indicating that the LTC price is in the downward zone and could continue to fall. The cryptocurrency will continue to decline if the price bars are below the moving average lines. The cryptocurrency is below the 40% area of the daily stochastic. Litecoin is in a bearish momentum.
Technical indicators:
Major Resistance Levels – $200 and $250
Major Support Levels – $100 and $50
What is the next move for Litecoin?
Litecoin is in a downtrend and fluctuating below the $57 high. On the weekly chart, a candlestick tested the 78.6% Fibonacci retracement level on March 21. The retracement suggests that the LTC price will fall but will reverse at the Fibonacci extension level of $1.272 or $0.40. The price action shows that the LTC price has retested the 1.272 Fibonacci extension and is trending up again.
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-53-support/