Last week, the price of Litecoin (LTC) soared to a high of $140, indicating that the altcoin was in a temporary rally. However, the LTC price has retraced to support over $127 in the recent 24 hours. As the coin stabilized back above $127 support, the retracement ended above it.
As crypto consolidates above the present support, buyers and sellers are split on the market’s direction. If the $140 price level is broken, Litecoin will ascend to the next resistance level at $180. If Litecoin is rejected at the $140 high, on the other hand, the market is likely to fall to a low of $107. In the meantime, the LTC/USD pair is consolidating above the $127 support level.
Analysis of the Litecoin indication
On the Relative Strength Index, Litecoin is at level 49 for period 14, indicating that supply and demand are in equilibrium. The price bars are below the moving averages, implying that the price of LTC may fall. The 21-day and 50-day SMAs are both sloping downward, indicating that the market is in a downturn.
Technical indicators are as follows:
$500 and $540 are major resistance levels. $120 and $80 are the major support levels.
What will Litecoin’s next move be?
The price of Litecoin is consolidating above the current support level of $127. Nonetheless, as the market consolidates, selling pressure has subsided. Meanwhile, a retraced candle body tested the 38.2 percent Fibonacci retracement line on the July 26 downturn. According to this retracement, the market will drop to the 2,616 Fibonacci extension level, or $126.