LTC Price Forecast: A 20% correction is in sight

Litecoin price, trading at $83 at the time of writing, is trading just below the 50-day exponential moving average (EMA) coinciding with the $86 resistance level. This target is aligned with the 50% Fibonacci retracement from $113 to $58.

If investors remain bullish in their decisions, LTC will most likely be able to turn this resistance into support. This would allow the cryptocurrency to break the 61.8% Fibonacci line marked at $92. This level is also known as bull support. Breaking it would allow the price of Litecoin to further increase to USD 100.

However, if the $86 level is not broken and LTC struggles to break the 50-day EMA, the price will drop to $79. The loss of this support would invalidate the bullish thesis, resulting in a further decline to $71.

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