Litecoin (LTC) prices are below the moving average line after a four-day price war with 50 days of SMA support.
Litecoin Price Long-Term Forecast: Bearish
The Bears were dominant, driving the price to a $110 low. LTC Price predicted it would reach its current $107 support. If current support is broken, sales pressure may continue.
However, Litecoin prices are expected to drop even further. On August 19th, the candlestick depletion approached a 50% Fibonacci retracement level. The upward correction predicts that LTC will fall to a 2.0 Fibonacci extension ($92.48). Meanwhile, Altcoin is slipping and approaching its current $107 support.
LTC price indicator analysis
On both charts, the price bar is below the moving average line, indicating that cryptocurrency continues to decline. On the 4-hour chart, the price bar is below the moving average line, indicating the current decline. LTC prices are forming Doji Candlesticks near current support to resume rising above this level.
Technical indicators
Resistance Level: $100, $120, $140
Support Levels: $60, $40, $20
What’s next for Litecoin?
The four-hour chart shows Litecoin trading above $108 support and below the moving average line in a tight range. Cryptocurrency prices have retested their current support levels and have retreated twice. The upward correction was caused by resistance to stop the moving average at $116. If the current support level is broken, Litecoin prices will fall.
Disclaimer. This analysis and prediction is the author’s personal opinion. The data provided is collected by the authors and is not sponsored by the company or token developers. This is not a recommendation for buying and selling cryptocurrency and should not be considered an approval by Coinidol.com. Readers should do research before investing in funds.
