Litecoin (LTC) price is in a downtrend as the price has regained the previous low.
Long-term forecast of Litecoin price: bearish
The cryptocurrency has resumed its downward correction as the altcoin finds support above the crucial support at $100. In the previous uptrend, buyers failed to sustain the bullish momentum above $130.
The LTC price is above the crucial $100 support as buyers try to push the cryptocurrency higher. If the bulls overcome the initial resistance at $114, LTC/USD will start a new uptrend. If, on the other hand, the bulls fail to overcome the 50-day moving average, the market will dive back into a trading range. In other words: If the buyers defend the defend the $100 support level.
Litecoin Indicator Analysis
Litecoin has fallen to the 37 level of the Relative Strength Index for the 14 period. The cryptocurrency is in the downtrend zone and is approaching the oversold area of the market. Litecoin has fallen below the 20% area of the daily stochastic. This suggests that selling pressure is easing as buyers emerge in the oversold region of the market.
Resistance levels: $240, $280, $320
Support levels: $200, $160, $120
What is the next move for Litecoin?
On the 4-hour chart, Litecoin has fallen into the oversold region of the market. The altcoin continues its uptrend in the oversold region. Meanwhile, the downtrend from April 7; a retracement candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that LTC will fall but reverses at the 1.272 Fibonacci extension level or $105.40. The price action shows that Litecoin has fallen above the level of the 1.272 Fibonacci extension.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not constitute a recommendation to buy or sell cryptocurrencies and should not be considered an endorsement of CoinIdol. Readers should do their own research before investing funds.