The price of Litecoin (LTC) is falling as the upward correction fails to break the 21-day line SMA. The cryptocurrency price tested the 21-day line SMA three times before heading lower.
Long-term forecast of Litecoin price: bearish
At the time of writing, the price of LTC is at $78.86. An upward movement of the asset is unlikely as it will fail at the $85 resistance level and the 21-day line SMA. On the downside, Litecoin will fall to its previous low of $65 if selling pressure continues. If the decline above the $65 support level continues, the altcoin will be forced to trade sideways between $65 and $85.
In the meantime, Litecoin rises to retest or surpass the moving average lines.
Litecoin indicator analysis
The cryptocurrency asset is at level 43 of the Relative Strength Index for the period 14. The altcoin could continue to fall as long as it is in the bearish trend zone. The recent high will reject the price bars, even if they are below the moving average. Although the price of LTC is trending down, it is currently oversold. The daily stochastic is currently below the 20 level. The bearish outlook for Litecoin is exhausted.
Technical indicators
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
What is the next move for Litecoin?
Litecoin is currently trading in the downtrend zone as it faces resistance in the $88 area. In other words, between $65 and $85, the price is moving straight up. The altcoin will rejoin the trend when the boundaries of the trading range are broken.
Disclaimer. This analysis and forecast is the personal opinion of the author and does not constitute a recommendation to buy or sell cryptocurrencies and should not be considered an endorsement by CoinIdol. Readers should do their own research before investing in funds.
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- Source: https://coinidol.com/litecoin-bearish-exhaustion/
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