Litecoin slumped to $54 low after retesting the $63 high. The retest resulted in breaking the crucial support of $60 and the $58 support.
The crypto is making an upward correction above the $54 low. Alternatively, a rebound above $54 support will propel price to break the $64 resistance and the momentum will extend to retest the $68 high. Buyers must break above the EMAs or $58 to remain in the uptrend zone.
The coin will resume an upward move to retest the $68 resistance if buyers are successful. Litecoin will further depreciate to $52 or $48 low when buyers fail to push LTC above $58 high. More so, when sellers push the price below the current support at $54. Today, LTC is in a bullish momentum approaching the $58 high.
The recent bearish momentum has propelled price to break the support line of the ascending channel. The price also breaks below the EMAs, pushing the coin on a gradual decline. The coin is below the 30% range of the daily stochastic. This suggests that the crypto is in a bearish momentum and approaching the oversold region.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
Litecoin is on a downward move. Nonetheless, LTC will rise when it resumes an upward move. On August 17 uptrend; the coin was resisted at the $68 high. The last bearish candlestick before correction tested the 50% Fibonacci retracement level. This suggests that Litecoin will rise and reach the 2.0 Fibonacci extension level. That is, LTC will rise and reach a high of $84.
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.