Litecoin Bounces Back, Bears Take The Lead

The price of Litecoin (LTC) has fallen below the 21-day SMA. The previous uptrend ended when the altcoin rose to a high of $110.

Long-term outlook for Litecoin price: bearish

Litecoin was forced into a sideways trend as bulls and bears continued their price battle. The bulls were expected to resume the uptrend, but they were outvoted. The current sideways trend between the 21-day SMA and resistance at $110 could come to an end if the bears break above the 21-day SMA support. 

On the downside, the downtrend is likely to continue if the price falls below the 21-day SMA. The bears will push the altcoin to a low above the 50-day SMA or $90. If the 50-day SMA support holds, Litecoin will be forced to trade on the lower levels. Meanwhile, the Litecoin price is trading at $85.20.

Analysis of the Litecoin indicator

The price of the cryptocurrency has fallen below the 21-day SMA. This means that Litecoin is trading below the 21-day SMA but above the 50-day SMA. As a result, the altcoin will trade between the moving average lines for several days. The horizontal moving average lines on the 4-hour chart indicate a sideways trend.

Technical indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What’s the next move for Litecoin

Litecoin has fallen below the 21-day SMA, signaling the resumption of the downtrend. Selling pressure will intensify if the bears break the 50-day SMA. The market will return to a rangebound structure if the negative trend ends above the 50-day SMA.

As Coinidol.com reported before, last week Litecoin was in trading at 97.76 dollars. 

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.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/litecoin-bears-take/