Litecoin Makes Positive Moves but Lacks Buying Power Above $175
Oct 05, 2021 at 10:58 //
NewsLitecoin (LTC) price is approaching the bullish trend zone after the price crossed the 21-day line SMA. Litecoin's price has been unstable over the past four days as it retested the $175 resistance zone.
Today, the LTC price has fallen to the low of $168 as the altcoin consolidates below the resistance level. Should buyers push the altcoin above the $175 resistance level, the LTC price could rally to $200. However, if it is rejected at the recent high, the market will decline and initiate a downward correction. The cryptocurrency is trading at $168 at the time of writing. Litecoin will fall if it fails to break the recent high.
Litecoin indicator analysis
The cryptocurrency price is breaking through the 21-day line SMA, but is encountering resistance at the 50-day line SMA. The LTC price is fluctuating between the 21-day line SMA and the 50-day line SMA. The altcoin will move if these moving averages are broken. Litecoin is at level 51 on the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. Litecoin is in a bullish momentum as it is above the 50% area of the daily stochastic.
Resistance Levels: $160, $180, $200
Support Levels: $100, $80, $60
What is the next move for Litecoin?
Litecoin has resumed its upward movement as the price has reached the high of $175. Currently, further upward movement is hindered by resistance at $175. Meanwhile, the uptrend from October 2 has a candle body testing the 61.8% Fibonacci retracement level. This gives the impression that the cryptocurrency will rise to the 1.618 Fibonacci Extension level or $191.63. The price action shows that the altcoin is facing rejection at the $175 high.
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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 funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow