Litecoin Trades In A Range While Possibly Heading For A Decline

Aug 02, 2023 at 12:10 // Price
Coin Idol
Litecoin is in a bearish trend

Litecoin (LTC) price has fallen since the upward correction on July 13.

Long-term forecast of Litecoin price: bearish

The cryptocurrency was rejected after reaching a high of $104. The altcoin fell and broke below the 21-day line SMA, and the downtrend continued to the 50-day line SMA. The LTC price is currently trapped between the moving average lines. At the time of writing, the altcoin was trading at $92. The cryptocurrency price is also capped between $90 and $95.

If the support and resistance levels are broken, Litecoin will resume its upward or downward trend. According to the price forecast, Litecoin will continue to fall to the level of 1.618 Fibonacci extension or $77.31. The cryptocurrency is currently trapped between the moving average lines. If the bears break below the 50-day simple moving average and the negative trend continues, the market will fall and test the Fibonacci extension level of 1.1618 or $77.31.

Litecoin indicators analysis

Litecoin is bouncing and approaching the Relative Strength Index of period 14 at the 48 level. The cryptocurrency is in a bearish trend and is likely to fall further. As long as the price bars are between the moving average lines, the current movement may continue within the trading range. The downward momentum has stalled below the Stochastic daily value of 50. The price movement was slowed down by the Doji candlesticks.

LTCUSD(Daily Chart) – AUG. 2.23.jpg

Technical Indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What is the next step for Litecoin?

After the July 14 price drop, Litecoin is moving within a certain range. The coin has yet to be absorbed by sellers and buyers. As long as the Doji candlesticks dominate the price action, the sideways movement might continue.

LTCUSD(4 Hour Chart) – AUG.2.23.jpg

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 Readers should do their own research before investing in funds.

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