Litecoin Consolidates Above $100 Support and Cannot Move Upwards

Litecoin (LTC) price is in a downward correction as the cryptocurrency continues to trade above $100 support.

Long-term forecast of Litecoin price: bearish

Since January 22, buyers have consistently defended the $100 support. On the other hand, they failed to keep the price above the moving averages. On February 28, LTC recovered from the $100 support, but failed to break above the moving averages, resulting in a downward correction. The market fell above the $100 support and resumed the consolidation. If the altcoin loses the current support, LTC/USD will fall to a low of $91. The upside move is doubtful as the cryptocurrency is failing at the moving averages.

Litecoin indicators analysis

Litecoin is at level 40 of the Relative Strength Index for the period 14, indicating that the altcoin is in a downtrend as it is rejected at the $116 resistance zone. The cryptocurrency's price bars are below the moving averages, which makes the altcoin vulnerable to a decline. The altcoin is below the 50% area of the daily stochastic. The market is in a bearish momentum.

Technical Indicators:  

Resistance levels: $240, $280, $320

Support levels: $200, $160, $120

What is the next move for Litecoin?

Litecoin has been in a downtrend. The cryptocurrency is making a downward move after being rejected on every rally. Currently, the price of LTC/USD is holding above the $100 support, but the price indicator shows a possible downward movement to the level of 1.272 Fibonacci Extension or $84.50.

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.