The price of Litecoin (LTC) is in a downward correction as the price breaks above the 21-day line SMA.
Long-term forecast of Litecoin price: bearish
Last week, the cryptocurrency was trading above the 21-day line SMA, but below the 50-day line SMA. On June 26, Litecoin reached the high of $60, but fell back above the 21-day line SMA. Should the bulls overcome the 50-day line SMA, the cryptocurrency price could rise to $85. However, if the bulls fail to break the 50-day SMA line, the current fluctuation will continue. If the bears break below the 21-day line SMA, Litecoin will fall back to the previous low.
Litecoin indicators analysis
Litecoin has fallen to the 48 level of the Relative Strength Index for the 14 period. The cryptocurrency is in the downtrend zone, but the recent upward movement has brought the altcoin close to the uptrend zone. The price of the cryptocurrency is between the moving average lines, which indicates a possible movement within the range. Litecoin is above the 80% area of the daily stochastic. This indicates that the market is in a bearish momentum. Also, it is likely that the coin will fall back to the previous high. The 21-day line SMA and the 50-day line SMA are sloping downward, indicating a downtrend.
Technical Indicators:
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
What is the next move for Litecoin?
Litecoin is in a downtrend, but has fallen into an oversold area of the market. Buyers have emerged as the altcoin resumes its upward movement. The downtrend will continue if the bears fall below the 21-day line SMA and the $41 price level.
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-reaching-60-high/