Litecoin (LTC) price has fallen below the moving average lines but is finding support above the 50-day SMA or the $77 low. LTC price analysis by Coinidol.com.
Long-term outlook for Litecoin price: bearish
The cryptocurrency is currently trading above the 50-day SMA but below the 21-day SMA. The bulls have halted the price slide above the 50-day SMA but could not sustain their bullish momentum above the 21-day SMA. The current LTC price stands at $85.48.
The cryptocurrency is rising as it reaches the 21-day moving average. If the buyers are successful, the altcoin will rise above the 21-day SMA and reach its previous highs of $94 and $105 respectively. However, if the bears take advantage and breach the 50-day SMA, the altcoin will fall to a low of $70.
Analysis of Litecoin indicators
Litecoin has been between the moving averages since March 19, 2024. This means that the altcoin will resume its fluctuation for a few days. Nevertheless, neither the bulls nor the bears have managed to surpass the 21- or 50-day SMAs. On the 4-hour chart, the price bars have dropped below the moving average lines, indicating a downtrend.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s the next move for Litecoin
Litecoin’s slide has slowed above $77 as it resumes its uptrend. Nevertheless, the 21-day SMA or resistance at $85 has halted the uptrend. The altcoin will continue its trend after breaking the moving average lines. In the meantime, Litecoin will continue to fluctuate within a range.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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- Source: https://coinidol.com/litecoin-resumes-trading-range/
