Litecoin Declines as Bears Resume Selling Pressure below $200

Jun 08, 2021 at 13:09 // News
Coin Idol
Litecoin rose to $200 high

Litecoin's (LTC) price has fallen to the low above $152 and it is hovering above the current support level. There is every indication of a further downward move below $152.

On May 26, the altcoin had earlier recovered from the previous downtrend which plunged the crypto to the low of $118. As bulls bought the dips, Litecoin rose to $200 high. Nonetheless, if buyers have pushed the LTC above the $270 high, the crypto would have been out of the downward correction. However, the uptrend lacks buyers at higher price levels which resulted in the current downward move. Nevertheless, crypto has already fallen to the oversold region of the market. The altcoin may decline and revisit the previous low at $130 or $118.

Litecoin indicator analysis

Litecoin has fallen below the 20% range of the daily stochastic. It indicates that the altcoin has reached the oversold region of the market. The implication is that buyers are likely to emerge at the oversold region to push prices upward. The moving averages have made a bearish crossover. The 21-day SMA crosses below the 50-day SMA. 

LTC Chart 08 June 2021.png

Technical indicators:  

Major Resistance Levels – $500 and $540
Major Support Levels – $160 and $120

What is the next move for Litecoin?

Despite the recovery of Litecoin, the crypto is falling on the downside to revisit the previous low. Meanwhile, on May 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.618 Fibonacci extensions or level $138.69.  

LTC Chart 08 June 2021 2.png

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.

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