Litecoin bullish move has been terminated. Will the downtrend continue either to the $84 or $88 price level.? Gain insight into today’s Litecoin price forecast.
This past week, Litecoin price declined heavily and continued in a bearish trend. On May 16, LTC price rose to a high of $104 level. However, the bulls were resisted as they failed to break the $104 resistance level, as a result, the price had a downward correction as the price plummeted to the 0.618 Fibonacci retracement level.
From the support of the 0.618 retracement level, the bulls made an upward move but they met resistance as the price fell back to the bearish zone. The initial bullish move has been terminated and the downtrend is likely to continue either to the $84 or $88 price level. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which is an indication of a buy signal.
Looking at the 1-hour chart, LTCUSD price was in a bearish trend. Earlier, Litecoin price rose to the $96 price level and was resisted. The bears broke the 12-day and the 26-day Exponential Moving Averages to reach the bearish trend zone. The price has fallen to a low at $91 price level and it is likely to continue the bearish move.
As price continues its fall, the trend line has been broken forcing the crypto’s price to trade in a sideways trend. However, the downward trend is ongoing if the trend line is unbroken. This means that Litecoin price may further depreciate to as low as $86 price level.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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