Following two weeks of price tussle, sellers broke the $45 to $51 price range as Litecoin (LTC) dropped to $41 low. The price has been corrected upward to a high of $43.
The market may still fall to the next support at $39 if the price makes a retest at the recent high. Litecoin is approaching the oversold region of the market. Incidentally, buyers may emerge in the oversold region to push prices upward.
In the same vein, now sellers may want to push the price to the next support at $39. At the $39 support, the buying pressure is remarkable as the coin is capable of rebounding at the $39 low. A strong bounce will propel price to rally above $51.
Nonetheless, if the momentum extends above $55 high, then it will signal the resumption of the uptrend. In the meantime, LTC price is fluctuating between $41 and $43. It is likely the market will revisit the previous low of $39.
The coin is approaching the support line of the descending channel. A break below the support line will cause the altcoin to fall. On September 22, Litecoin was at level 34 of the Relative Strength Index period 14. It indicates that price is approaching the oversold region of the market. It is where buyers are expected to emerge.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
The Fibonacci tool is likely to hold as sellers broke the support line at $45. Sellers broke the support to push prices to the next support. On September 3 downtrend; the retraced candle body tested the 78.6% Fibonacci retracement level. Now, on September 22, this gives the impression that the market will reach a low of 1.272 Fibonacci extension level or the $39 low.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.