Litecoin Makes Upward Correction, Can Bulls Sustain the Upturn?

Jun 29, 2021 at 10:26 // News

Litecoin (LTC) is correcting higher after regaining the previous low above $118.50. Buyers have pushed the altcoin to the high of $143.

However, if the altcoin is pushed back from the recent high, the bears will try to break the $118 support level. LTC /USD will drop to $96 or $70 if the bears break the current support.

Nevertheless, the cryptocurrency can come out of a downward correction if the upward movement is maintained above the price level of $230. Meanwhile, on May 19 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement suggests that the market will fall to the 1,272 Fibonacci extension level or the $72.09 level. The price indicator has indicated a possible reversal at $72.09 low.

Litecoin indicator analysis

The LTC price has risen to the level 43 of the Relative Strength Index of the period 14. This implies that the market is in the downtrend zone and below the midline 50. Litecoin is above the 80% area of the daily stochastic. This indicates that the altcoin has reached the overbought region of the market. Litecoin could fall as sellers are likely to emerge.

Technical Indicators:
Major Resistance Levels – $500 and $540
Major Support Levels – $160 and $120

What is the next move for Litecoin?

On the 4-hour chart, the LTC price is correcting upwards. At the same time, the market has reached the overbought zone. Therefore, the current uptrend might be short-lived. On June 22, the downtrend; a retracement candlestick tested the 78.6% Fibonacci retracement level. This retracement suggests that the market will fall to the 1.272 Fibonacci extension level or the $85.06 level.

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.



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