The Litecoin (LTC) price is in a downward correction today, approaching the previous low of $126, which was the previous low it had regained during the December 4 price drop.
Long-term forecast of Litecoin price: bearish
LTC/USD has been trading in a range between $126 and $160 for the past month, and sellers intend to break the current support at $126. The market will fall to $104 if the buyers lose the support at $126. However, if the current support holds and the altcoin recovers, a recovery to $160 is possible. On the upside, the market will rally above the moving averages if resistance at $160 is broken.
Litecoin is at level 32 of the Relative Strength Index of period 14. The market has reached the oversold zone. Selling pressure is likely to ease. LTC price bars are below the moving averages. This indicates that LItecoin is still in the bearish trend zone. The uptrend will continue when the prices are above the moving averages. The cryptocurrency is also below the 20% area of the daily stochastic.
Resistance levels: $240, $280, $320
Support levels: $200, $160, $120
Litecoin is in a downtrend and has reached the oversold region. As the market has reached the oversold region, the market will reverse at the previous low. Further selling pressure is unlikely. We expect the price to reverse at $126 or $104.
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.