Litecoin (LTC) price is consolidating above the $60 support as bulls are consistently defending the current support. However, the upward movement of the LTC price was limited below the 21-day line SMA.
On May 30, the bulls were rejected at the 21-day line SMA. LTC price retreated and found support above the $60 level. On the upside, buyers have a difficult task. Litecoin will regain its upside momentum if it rallies above the current support.
The upside momentum will break above the 21-day line SMA and the resistance at $75. LTC price will now rise to the 50-day line SMA. A break above the 50-day line SMA would mean the resumption of the upward momentum. On the downside, the LTC price may experience a breakout. The LTC price will fall to a low of $52 if the bears break the current support.
Litecoin is at level 41 of the Relative Strength Index for the period 14. The index shows a horizontal slope. The price bars of the cryptocurrency are consolidating below the moving averages, indicating a possible breakout. Litecoin is above the 40% area of the daily stochastic. The 21-day line SMA and the 50-day line SMA are sloping downwards, indicating a downtrend.
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
Due to the price consolidation above the current support, Litecoin is at risk of further decline. The upward movement is slowed down by the 21-day line SMA. Meanwhile, a downtrend was recorded on May 12; a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that LTC will fall to the Fibonacci extension level of $1.272 or $50.09.
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.