The price of Litecoin (LTC) was in a brief uptrend last week as the altcoin rose to a high of $140. However, in the last 24 hours, the LTC price has retraced to support above $127. The retracement finished above $127 support as the crypto consolidated back above it.
Buyers and sellers are undecided on the direction of the market as crypto consolidates above the current support. On the upside, Litecoin will rise to the next resistance at $180 if the $140 price level is broken. On the other hand, if Litecoin rejection is faced at the $140 high, the market is likely to fall to the low of $107. Meanwhile, LTC/USD is consolidating above the $127 support.
Litecoin is at level 49 on the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. The price bars are below the moving averages, which indicates that the LTC price can fall down. The 21-day and the 50-day SMAs are sloping downward, indicating the downtrend.
Major Resistance Levels - $500 and $540
Major Support Levels - $120 and $80
Litecoin is consolidating above current support above $127. Nonetheless, selling pressure has exhausted itself as the market consolidates. Meanwhile, on July 26 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement suggests that the market will fall to the 2,616 Fibonacci extension level or the $126 level.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.