Litecoin Unstable Above $45 as Sellers Push to the Downside

Litecoin now fluctuates above $45 after its recent fall on September 3. Buyers and sellers struggle for price possession above the current support.

The market participants are undecided about the direction of the market as the price fluctuates. It is possible for an upward movement of the coin if the coin makes a sharp rebound above the current support. 

Expectantly, if the momentum extends above $60 or the EMAs, the upside momentum will resume. Conversely, sellers may attempt to push prices beyond the $45 support. If they are successful, the coin will decline to $39 low. Today, Litecoin is trading at $48 at the time of writing. There are indications that the coin may further decline.  

Litecoin indicator analysis

Litecoin is now at level 38 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50. The coin is susceptible to fall as the price is below the EMAs.

Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20

What is the next move for Litecoin?

Litecoin is trading at $48 at the time of writing. Nevertheless, from the price action, the crypto may further decline. On the September 3 downtrend, LTC dropped to $44 low, the price retraced and the candle body tested the 78.6% Fibonacci retracement level. This indicates that price will fall to the 1.272 Fibonacci extension level or the low of $39.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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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