Litecoin Recovers but Remains Below $74 High

May 31, 2022 at 12:10 // Price
Coin Idol
The Litecoin price rose to the high of $69, but was pushed back

Over the past 24 hours, the Litecoin (LTC) price has struggled to break above the 21-day line SMA. In other words, the Litecoin price rose to the high of $69, but was pushed back.

Long-term forecast of Litecoin price: In range

In previous price moves, upside was capped below the $74 price level. If Litecoin bounces below the $0.74 resistance, the market will rise to the 50-day line SMA or the high of $100. The cryptocurrency will resume its upward momentum if the 50-day line SMA is broken. Nevertheless, LTC/USD will continue its movement between $60 and $75 if buyers fail to keep the price above the recent high. At the time of writing, the cryptocurrency is trading at $68.

Litecoin indicator analysis

The recent upward movement has brought Litecoin to level 43 on the Relative Strength Index for period 14. The cryptocurrency is approaching the bullish trend zone. The cryptocurrency price is slightly above the 21-day line SMA, but below the 50-day line SMA. Litecoin is above the 40% area of the daily stochastic. The 21-day line SMA and the 50-day line SMA are sloping downward, indicating a downtrend. 

LTCUSD(Daily Chart) - May 31.png

Technical indicators:  

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next move for Litecoin?

Litecoin's upward movement is met with rejection at the recent high. It is likely that the altcoin will continue its movement within the  trading range as buyers fail to break the recent resistance. Meanwhile, the May 12 downtrend has shown a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that LTC will fall to the 1.272 Fibonacci extension level or $50.09.

LTCUSD(Daily Chart 2) - May 31.png

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. Readers should do their own research before investing funds.

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