Litecoin Holds Above $52 Support While Facing Fierce Rejection at $64
Litecoin (LTC) price is in a downtrend as it falls back to the low of $52 and resumes consolidation above it. The cryptocurrency has declined as buyers were unable to break through the resistance at $64 on September 10.
Long-term forecast of the Litecoin price: bearish
Yesterday, the candle showed a protruding long tail, indicating that the current support is exerting strong buying pressure. In other words, selling pressure has reached bearish exhaustion.
On the upside, buyers face the further challenge of keeping the price above the moving average lines and overcoming resistance at $64. Since July 28, Litecoin has failed to trade above the $64 resistance. Each time the resistance is tested, Litecoin falls above or below the moving average lines. A break above resistance would catapult the altcoin to a high of $75. At the time of writing, LTC/USD is trading at $52.28.
Litecoin indicator analysis
Litecoin is at level 39 of Relative Strength for the period 14. The altcoin is in the downtrend zone and may continue to decline. The price bars of LTC are below the moving average lines, indicating a possible downward movement. The cryptocurrency is below the 20% area of the daily stochastics. Litecoin has fallen into the oversold area of the market. Selling pressure may be easing.
Key resistance levels – $200 and $250
Key support levels – $100 and $50
What is the next move for Litecoin?
On the 4-hour chart, Litecoin is in a downtrend as the price falls below the moving average lines. Meanwhile, the downtrend from September 16 has shown a candle body testing the 78.6% Fibonacci retracement level. LTC will fall to the 1.272 Fibonacci extension level or $0.52. The price action shows that Litecoin has fallen to the 1.272 Fibonacci extension while consolidating above the current support.
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 in funds.
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