Litecoin Recovery in Jeopardy as Bears Breach More Support Levels
Jan 12, 2021 at 12:17 //
NewsLitecoin rebounds above $132 as the altcoin resumes upward move. The price is fluctuating between $132 and $147 as buyers fail to take firm control of price upward move.
Today, the coin is trading marginally as the price reaches a high of $143. Yesterday, Litecoin made a sharp decline as bulls struggled to break above the $180 resistance level.
Surprisingly, the altcoin dropped to $112.75 low and pulled back immediately. The coin is trading above the previous price range of between $120 and $140. However, a further decline will suggest a deeper correction of Litecoin. Nonetheless, if buyers can push LTC above the $170 resistance, a rally above $180 is likely. The coin may be compelled to a range-bound move above $140 if the current uptrend fails.
Litecoin indicator analysis
The crypto upward move is intact as price breaks below the SMAs and resumes upward. However, a break below the SMAs will mean a downward movement of the coin. The coin is at level 51 of the Relative Strength index period 14. It indicates that there is a balance between supply and demand.
Resistance Levels: $160, $180, $200
Support Levels: $100, $80, $60
What is the next move for Litecoin?
Litecoin is in a downtrend as bulls struggle to resume upward movement. Presently, the coin has fallen to a $143 low. The upward move will resume if the current support holds. A break below the current support will mean a downward move to the Fibonacci extension level. On the January 11 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This gives the impression that the coin will fall to level 1.618 Fibonacci extension level or a high of $67.40.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow