Today, March 5, Litecoin has declined to $172 low after rejection from the recent high. There are indications of a further downward movement of price.
The LTC/USD has been in a downward movement for the past three days. From the previous price action, the altcoin plunged to $155 low as the bulls bought the dips. The price corrected upward to $205 but was repelled. The selling pressure resumed as the market dropped to the same low at $155.
Recently, buyers pushed the LTC price but could not break the minor resistance at $205. If the bulls have overcome the resistance at $205, the price would have risen to retest the $240 overhead resistance. Rather, the recent uptrend was terminated at a $196 high which resulted in a further downward move. The selling pressure will persist if price falls and breaks below the previous low at $155. However, the market will resume upward, if the $155 support holds.
LTC price is attempting to break below the 50-day SMA. If it does, the LTC/USD will fall into the bearish trend zone. The selling pressure is likely to continue on the downside. Nevertheless, if the 50-day support holds, it is an indication of a possible upward move.
Major Resistance Levels – $240 and $260
Major Support Levels – $160 and $140
Litecoin is currently facing rejection at the recent high. According to the Fibonacci tool, LTC may further decline. On February 24 downtrend, s retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that LTC will fall and reverse at level 1.272 Fibonacci extension level or a low of $133.86. This depends on the $155 support being broken.
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.