Litecoin (LTC) price is bearish as it has broken below the moving average lines.
The value of the crypto asset has declined as it failed to overcome the resistance at $105. For the fourth time, Litecoin is now set to fail at the $105 resistance level. At the time of writing, the price of LTC has fallen to a record low of $87.86. The altcoin has now corrected to the upside after breaking below the moving average trendlines. Litecoin will resume its uptrend if the price breaks the barrier at $90 or the moving average lines. If the LTC price fails the moving average lines, it would likely fall back to its previous low of $75. Currently, the altcoin is declining.
Litecoin is at level 44 of the Relative Strength Index for period 14, and the fact that the cryptocurrency asset is in a bearish trend zone makes it vulnerable to further declines. The moving average lines are below the price bars, which confirms the assumption that the cryptocurrency price will continue to fall. The market has reached the overbought zone. It is above the 80 level of the daily stochastic. Sellers will appear in the overbought zone and bring the prices down.
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
Litecoin has stabilized above the 84.50 support since the price decline on April 21. The price of the altcoin has been moving between $84 and $92 for the last five days. If the current resistance is broken, the market will move up again. On the other hand, if the bears break the S84 support, LTC will come under selling pressure again.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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 in funds.