Litecoin Risks Further Decline as Price Falls Into the Bearish Trend Zone

Mar 23, 2021 at 09:16 // News
Author
Coin Idol
Bears had the upper hand as Litecoin fell to $192 support

Litecoin has fallen to $185 low at the time of writing. There are indications of the altcoin falling to the low of $180. For the past week, LTC/USD was fluctuating between $195 and $210.

Buyers made concerted efforts to sustain the price level above $200 but were repelled on three occasions. Nonetheless, on March 20, the bears had the upper hand as the altcoin was rejected and it fell to $192 support. 

The selling pressure persisted when price retested the $200 high. The market declined to $180 support and resumed fluctuation above the current support. However, if the bears decide to break the $180 support, the market will further decline to either $172 or $156 low. Conversely, if the current support holds, buyers will want to push the altcoin to retest the $200 High. In the meantime, LTC/USD is trading at $185.48 at the time of writing. 

Litecoin indicator analysis

LTC risks further decline as price breaks below the 21-day and 50-day SMA. It indicates that the market has fallen to the downtrend zone. The altcoin is capable of further decline. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. Besides, the Relative Strength Index is at level 44 and below the centerline 50.

LTC_-_Coinidol_(10).png

Technical indicators:  

Major Resistance Levels – $240 and $260

Major Support Levels – $160 and $140

What is the next move for Litecoin?  

All indicators are pointing to a downward movement of price. The market has earlier fallen to a $191 low and price corrected upward. On March 17, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that LTC will fall to level 1.272 Fibonacci extension or a low of $181.10. The altcoin is expected to reverse at $181.10 and resume upward.

LTC_-_Coinidol_2_chart_(10).png

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.

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