The price of Litecoin (LTC) is in a sideways movement as the cryptocurrency reaches a high of $110 at press time. The cryptocurrency is trading between $98 and $116.
Litecoin seems to be consolidating in the middle of the price range. Moreover, the price action is dominated by small indecisive candlesticks called doji and spinning tops. These candlesticks suggest that sellers and buyers are indifferent to the direction of the market. It is likely that LTC/USD will remain in a trading range for more days. If buyers push LTC prices above $116, the market will rise to a high of $140. Litecoin has fallen into oversold territory at $96. Further downward movement is doubtful.
Litecoin is at level 35 of the Relative Strength Index for period 14, indicating that the LTC price has moved out of the oversold region, but is in the downtrend zone and below the centre line 50. LTC/USD is trading above the 80% area of the daily stochastic. There is a probability that the market is in a bearish momentum. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.
Resistance Levels: $240, $280, $320
Support Levels: $200, $160, $120
LTC/USD will continue to trade in a range as long as price action is dominated by doji candlesticks and spinning tops. The candlesticks are in the middle of the price range, while the moving averages are horizontally flat, indicating that the altcoin is consolidating.
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 funds.