Litecoin Price Recovers in a Minor Retracement, Slides on Top
The price of Litecoin (LTC) has hit a series of highs and lows while moving higher. The cryptocurrency has hit a higher high and is now at $188.
Litecoin Price Long-Term Prediction: Bullish
Today, August 17, 2021, Litecoin has retraced to the previous higher low above $175. If the $175 support holds, the upside momentum will resume. The retracement has decayed and the uptrend continues. Buyers are trying to break the 21-day line SMA, which will drive the cryptocurrency price higher. If the bulls break the recent high at $188, the market will rise above the $192 price level. This explains that the uptrend will continue. However, if the altcoin falls and the bears break below the higher low of $175, the uptrend will be over. The downtrend will continue as the price pattern has been broken with higher highs and higher lows. In the meantime, the altcoin is rising and is trading at $180 at the time of writing.
Litecoin Indicator Analysis
Litecoin has fallen to the 68 level of the Relative Strength Index for period 14. Sellers have emerged in the overbought region while the price is falling. The altcoin is in a bullish momentum as the price is above the 66% area of the daily stochastic. The 21-day and 50-day SMAs are up, indicating an uptrend.
Technical Indicators:
Major Resistance Levels – $500 and $540
Major Support Levels – $120 and $80
What is the next move for Litecoin?
The downtrend of LTC/USD has been exhausted and the altcoin continues its uptrend. Buyers are trying to break out above the moving averages. Meanwhile, the August 16 downtrend has shown a candlestick body testing the 61.8% Fibonacci retracement level. This retracement suggests that the market will fall to the 1.618 Fibonacci extension level or to the $174.35 level. The price action shows that the LTC price has retested the 1.618 Fibonacci extension and resumed the uptrend.
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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