Litecoin (LTC) is currently experiencing a downward trend and has reached a low of $52 in price. The cryptocurrency made a move in the upward direction yesterday as it reached the level of resistance located at $58.
Since the 26th of August, the price of the alternative cryptocurrency has ranged between $52 and $58. Litecoin will regain its upward momentum if investors are successful in pushing the price above the high of $58.
The price of LTC will eventually climb back up above its moving average lines. The LTC/USD pair is expected to continue its upward trend and retarget the overwhelming barrier at $64. If the bears are successful in breaking below the $52 support, on the other hand, the downward trend will resume. The market will then continue to decline, reaching new lows between $44 and $49. At the time of this writing, the price of Litecoin on the market is $55.
Analysis of indicators for Litecoin
On the relative strength scale for the period 14, Litecoin is now ranked at level 45. The moving average lines for the XRP price are below the price bars, which indicates more negative movement. The cryptocurrency’s price is currently trading higher above the 40% region of the daily stochastic. The price of Litecoin is currently gaining upward speed.
Indicators of technical quality:
The major levels of resistance are at $200 and $250.
Important Contribution Amounts: $100 and $50
What should we expect from Litecoin going forward?
As a result of the market having reached the oversold position, Litecoin is currently undergoing a correction in the upward direction. The Fibonacci tool analysis will come into play if Litecoin price continues to rise from its most recent high. On March 21, a candlestick appeared to challenge the 78.6% Fibonacci retracement level that is displayed on the weekly chart. The retracement indicates that the price of LTC will decrease, but then rebound at the 1.272 level of the Fibonacci extension, which is equal to $0.40.