Litecoin Tumbles but Remains Stable at $50

Litecoin (LTC) has continued to decline since falling below the moving average lines on March 27.

Litecoin price long-term prediction: bearish

The cryptocurrency has dropped to a low of $51 as it nears the critical support level of $50. As the altcoin’s decline continues, two scenarios are possible.

First, the current price range will be maintained if the altcoin retraces and finds support above the $50 low.

Second, if the bears break through the $50 support, Litecoin may fall further to a low of $45 per coin. In the meantime, the LTC price is trading within a narrow range above the $50 support. At the time of writing, Litecoin is valued at $52.90.

Technical Indicators:

• 
  Resistance Levels – $100, $120, $140

• 
  Support Levels – $60, $40, $20

Litecoin price indicators analysis

The cryptocurrency is trading below the 21-day and 50-day moving averages, approaching key support at $50. The 21-day simple moving average above the horizontal 50-day SMA indicates a sideways trend.

However, the price is below both the 21-day and 50-day moving averages, which are trending downwards on the 4-hour chart.

What is the next move for Litecoin?

The price of Litecoin has dropped but remains above the $51 support level. Currently, the altcoin is trading above the $51 support but below the moving average lines. The 21-day SMA has repelled bullish momentum, and the altcoin is holding above the $51 support. Litecoin is expected to trade in the bearish trend zone for a few days after being pushed back from its recent peak.

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.