Litecoin Falls Significantly but Takes a Breathe Above $44
Litecoin (LTC) price is in a downtrend as the price broke below the current support at $60. The bears have also undercut the previous low at $54. The upward movement was limited by the 21-day line SMA.
Today, the LTC price has fallen to the low of $44 at the time of writing. The market has fallen into the oversold zone. The current downtrend has reached its bearish exhaustion. Today there are bullish candlesticks above the $40 support. The market may continue the consolidation above the current support as buyers push the altcoin to the previous highs.
Litecoin indicator analysis
Litecoin has fallen to the 25 level of the Relative Strength Index for the 14 period. The LTC price is now in the oversold region of the market. Further downward movement of the altcoin is unlikely as the market is oversold. The cryptocurrency will rise when buyers appear in the oversold region. Litecoin is below the 20% area of the daily stochastic. This indicates that the market is oversold. The 21-day line SMA and the 50-day line SMA are sloping downward, indicating a downtrend.
Resistance Levels: $140, $180, $220
Support Levels: $100, $60, $20
What is the next move for Litecoin?
Litecoin has fallen above the previous low as the altcoin has reached the oversold zone. The cryptocurrency is now consolidating above the $40 support. Meanwhile, on May 12 downtrend, a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement suggests that LTC will fall to the level of 1.272 Fibonacci extension or $50. The price action shows that the altcoin has fallen to a low of $44 by the time of writing.
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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