Litecoin Makes Lower Highs and Lower Lows Pattern as Bears Threaten to Short
Litecoin (LTC) is falling after the upward move was interrupted at the $147 high. Today, January 26, 2021, the market has fallen to a low of $131 at the time of writing.
Litecoin Price Long-Term Prediction: Bullish
Litecoin price is falling and making a series of lower highs and lower lows patterns. On January 10, the LTC price made a lower high of $185 and dropped to a $126 low. On January 19, the coin made another lower high at $165 and the coin fell to $129 low. Also, the LTC price rose to a high of $147 but fell to the low $131 at the time of writing.
Litecoin has successfully made three lower highs, thereby forming a resistance line. On the downside, if the bulls fail to break the resistance line, the coin will fall to the low of $112. On the other hand, if the bulls pushed the LTC price above the resistance line, the crypto will resume a fresh uptrend. The crypto’s price will rise to retest the $165 and $185 resistance levels. When these levels are breached, the coin will resume the upside momentum.
Litecoin Indicator Analysis
The crypto’s price is falling and it may break below the 50-day SMA. A break below the 50-day SMA will push the coin to the bearish trend zone. This will increase the chances of a further downward movement of the coin. The coin is at level 48 of the Relative Strength Index. It indicates that LTC is in the bearish trend zone.
Resistance Levels: $160, $180, $200
Support Levels: $100, $80, $60’
What Is the Next Move for Litecoin?
The altcoin is likely to further decline according to the Fibonacci tool analysis. On the January 22 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This gives the impression that the coin will fall to level 1.618 Fibonacci extension level or a low of $96.33.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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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