Litecoin Recovers above $170 Support, Initiates Upward Move
Litecoin fell and found support above the $170 price level. The altcoin has reached bearish exhaustion as price fell into the oversold region of the market. The bulls buy the dips as LTC initiates an upward move.
It is usual for buyers to emerge in the oversold region. Similarly, selling pressure is presumed to be exhausted in the region. In the previous price action, the market was fluctuating between $195 and $210.
However, the bears overpowered the bulls in price tussle as the $195 support was breached. As a result, Litecoin declined to a low of $185 low and corrected upward. After the retest at $195, the downtrend resumed and the crypto plunged to the oversold region above $170. The bearish trend is likely to be terminated if the current support holds. LTC/USD is trading at $179.30 at the time of writing. The uptrend will resume if the bullish momentum is sustained above $200.
Litecoin indicator analysis
The altcoin price is in the bearish trend zone which indicates a possible fall in price. However, there are bullish signals as the market reaches the oversold region. Presently, LTC is at level 43 of the Relative Strength Index period 14. The market is in the downtrend zone and capable of falling on the downside.
Technical indicators:
Major Resistance Levels – $240 and $260
Major Support Levels – $160 and $140
What is the next move for Litecoin
LTC/USD has been in a downward move. The price indicator has given a signal of a possible fall and subsequent reversal of price. On March 16 downtrend, the market fell to $193.68 but the retraced candle body tested the 78.6% Fibonacci retracement. This indicates that the market will fall to level 1.272 Fibonacci extension or the low of $181.45. However, from the price action, LTC fell and reversed at the $170 support. The market will rise if the current support holds.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.
Source: Read Full Article