Litecoin's Slide Eases And Finds Support Above $77 Low

The latest price analysis by Coinidol.com report, Litecoin (LTC) price is in a downtrend after falling below the $80 support level.

Long-term forecast of Litecoin price: bearish

Selling pressure eased on August 3, when the altcoin found support above the $80 low. The cryptocurrency price has started a sideways movement between $80 and $84.

The cryptocurrency is in a downtrend after failing to overcome the $84 high. Today, the price of LTC fell below the current support level and reached a low of $78. Nevertheless, based on the current prices, the market is predicted to decline as it approaches the previous low of $77.31. Judging by the price action, the current slide has reached the oversold area of the market. 

Litecoin indicators analysis

Litecoin has fallen to the Relative Strength Index of the period 14 level 30. The altcoin is currently trading in the oversold zone of the market. Litecoin has lost value since the price bars have remained below the moving average lines. The altcoin is in a downtrend below the daily stochastic threshold of 30.

Technical Indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What is the next move for Litecoin?

Litecoin is in a downtrend and has reached bearish exhaustion. The cryptocurrency has fallen to a low of $78. LTC/USD is very close to the recent low of $72. The altcoin hit its previous low on June 14 and then recovered. A long candlestick tail indicates current support and signals strong buying at lower price levels.

On August 09, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the price indicator had previously predicted that the altcoin will fall and reach a low of $77. At the time of writing, LTC/USD is trading at $84 per coin. 

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.com. Readers should do their research before investing in funds.