Litecoin (LTC) has entered a bearish trend zone after breaking below the moving average lines.
Long-term forecast of Litecoin price: bearish
Buyers made efforts to continue the current uptrend in the last price action, but were rejected at the $80 resistance. LTC price breaks below the moving average lines after several tests of the resistance. Litecoin hit a low of $61 on December 19 as bulls bought dips. The upward movement is currently stopped below the $66 resistance. LTC price fluctuated between $60 and $66 in the last 48 hours. If the price drops below the $60 support, the altcoin will fall back to its previous low of $47. Litecoin, on the other hand, will rise if it overcomes the initial resistance of $66. In the meantime, the altcoin is likely to fall as it faces rejection in an overbought zone.
Litecoin indicator analysis
As the bulls are buying the dips, Litecoin is correcting to the upside. LTC is trading at a Relative Strength Index of 38 over the 14-month period. Despite the recent upswing, the cryptocurrency remains in a downtrend. Consequently, it is vulnerable to further declines as long as it is in the downtrend zone. The price bars are below the moving average lines, which indicates that the price will continue to fall.
Technical indicators
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
What is the next move for Litecoin?
LTC/USD has fallen and reached a low of $61. Since December 17, the altcoin has been trading in a range of $60-66. If the range is broken, the cryptocurrency will develop a trend. In the meantime, the LTC price will be rejected at the high of $66. If Litecoin falls below the $60 support, the selling pressure might increase 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 in funds.
Source: https://coinidol.com/litecoin-rejection-66/