Jun 01, 2021 at 13:01 // News
Litecoin (LTC) price is in a downward correction. Today, the crypto turns after reaching the high of $193. With this rejection, the market is likely to decline to $170 low.
Daily, buyers have been retesting the resistance at $200 to break it. As a result, Litecoin’s recovery has been threatened at the $200 resistance zone. Buyers have failed to sustain above the resistance zone.
Lack of buying power by the bulls has compelled the altcoin to a sideways move. Presently, LTC/USD is range-bound between $160 and $200. On the downside, if the price breaks below $160 support, the market will decline to the previous low at $118. On the other hand, if buyers overcome the resistance at $200, the crypto will rally to $240 high. In the interim, LTC is in a downward move below the resistance zone.
Litecoin indicator analysis
The 21-day and 50-day SMAs are sloping southward. The crypto has a bearish crossover as the 21-day SMA crosses below the 50-day SMA. LTC is in the downtrend zone at level 40 of the Relative Strength Index period 14. LTC/USD is below the 80% range of the daily stochastic. It indicates that the market is likely to fall.
Major Resistance Levels – $500 and $540
Major Support Levels – $340 and $40
What is the next move for Litecoin?
LTC/USD is in a sideways move below the resistance at $200. On May 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.618 Fibonacci extensions or level $239.27. From the price action, the Fibonacci level will be attained if the current resistance is breached.
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.