The price of Litecoin (LTC) has fallen below the moving average lines after a four-day price battle at the 50-day SMA support.
Litecoin price long-term prediction: bearish
The bears had the upper hand, and drove the price to a low of $110. The LTC priceis predicted to hit the current support of $107. If the current support is broken, the selling pressure could continue.
However, the price of Litecoin is expected to fall further. On the 19th of August, a declining candlestick body approached the 50% Fibonacci retracement level. The upward correction predicts that LTC will fall to the 2.0 Fibonacci extension, or $92.48. Meanwhile, the altcoin is slipping and approaching its current support of $107.
LTC price indicators analysis
On both charts, the price bars are below the moving average lines, indicating that the cryptocurrency will continue to fall. On the 4-hour chart, the price bars are below the moving average lines, indicating the current decline. The LTC price is forming doji candlesticks near the current support as it resumes its rise above this level.
Technical Indicators
Resistance Levels: $100, $120, $140
Support Levels: $60, $40, $20
What’s next for Litecoin?
The 4-hour chart shows that Litecoin is trading in a tight range above the $108 support and below the moving average lines. The price of the cryptocurrency has retested the current support level and retraced twice. The upward correction was halted by the resistance at $116 and the moving average lines. The price of Litecoin will fall if the current support level is broken.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/litecoin-falls-below-critical/
