Litecoin Hovers Above $155 Support as Bulls and Bears Decide the Next Move
Litecoin (LTC) price has fallen into the downtrend zone after the price dropped below the moving averages. The current price decline occurred to the support above the previous low at $155.
In the last 24 hours, the bears retested the previous low to break it. However, the current support has not been broken since August. If the bears break the current support, the market will fall back to the low of $109.03. On the upside, if the current support holds, the altcoin will rise to regain the previous high at $220. Meanwhile, buyers are trying to push the altcoin higher as the price has reached the high of $160.88.
Litecoin indicator analysis
Litecoin has fallen to the 40 level on the Relative Strength Index for period 14. This indicates that the altcoin is in the downtrend zone and below the midline 50. The price of the cryptocurrency is below the moving averages, which indicates that the altcoin can fall downwards. Litecoin is above the 25% range of the daily stochastic. Litecoin is in a bullish momentum.
Major Resistance Levels - $500 and $540
Major Support Levels - $180 and $140
What is the next move for Litecoin?
Currently, Litecoin is consolidating above the $155 support as altcoin continues its upward movement. It is unclear whether the upside move will overcome the minor resistance. If the altcoin encounters rejection, the downtrend will resume. Meanwhile, the September 7 downtrend has shown a candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that LTC will fall to the 1.618 Fibonacci Extension level or $109.03.
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.
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