Litecoin in a Downward Correction, Can Bulls Reverse the Downturn?

Litecoin plunged to $155 low after the bulls were unable to sustain above the $240 high. Initially, the altcoin fell to $180 low and pulled back. The pullback was overridden by the bears as the market continued its downward move.

Nonetheless, the bulls are trying to push prices upward. On the upside, if the bulls push price above the $200 support, the market will tend to resume the upside momentum. Litecoin bulls may retest the $230 and $240 resistance levels. However, if the downtrend persists and the bears break the $160 support, the price will further decline to $120. Meanwhile, Litecoin is trading at $176 at the time of writing.

Litecoin indicator analysis

LTC price is attempting to break the support line of the ascending channel. The price will move up if the resistance line remains unbroken. The SMAs are partially broken. the cryptocurrency will rise if the price rises above the moving average, and there is a tendency that it could. The market is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between Support and demand.

Technical indicators:  

Major Resistance Levels – $240 and $260

Major Support Levels – $160 and $140

What is the next move for Litecoin?  

Litecoin is in a downward move. The bulls and bears are still struggling for price possession between $200 and $160 low. On February 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that LTC will fall to level 1.618 Fibonacci extension level or a low of $137.22.  

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.