Today, Litecoin slumps to $196 low and immediately the bulls buy the dips to push LTC upward. Since the March 13 drawdown, the LTC/USD price has been in a downward correction.
The price has been consolidating above $195 but buyers have failed to push LTC above the $200 price level. Although in previous price action the bulls have made concerted efforts to trade above the $200 support level.
For instance, for the past three days, the bulls have retested and broken above the $200 resistance but selling pressure has repelled the bullish move. The bears are defending above the $210 price level. The bullish scenario is that if buyers push the price above $210 and the momentum is sustained, a retest at $230 is possible. Conversely, if LTC falls and the bears break the $195 support level, the altcoin will further decline to $180 low. The altcoin is trading at $203 at the time of writing.
Since March 17, the upward move has been repelled by the 50-day SMA. The bulls have retested the 50-day SMA thrice. On each attempt, the price will fall to the $195 support. LTC price will rise if the bulls break the 21-day and 50-day SMAs. The upward move has been stable above the bullish trend line. A break below the trend line will mean a downward movement of prices.
Major Resistance Levels – $240 and $260
Major Support Levels – $160 and $140
Litecoin is likely to move up if the current resistance is breached. On March 13 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that LTC will rise to level 1.618 Fibonacci extension or a high of $274.35. The upward move is still facing rejection at the recent high.
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.