Litecoin Holds Above $80, But Challenges $91 Barrier

Jan 24, 2023 at 13:05 // Price
Coin Idol
Litecoin is now in the area of an uptrend after the setback

Litecoin (LTC) price is still moving below the $91 level.

Long-term forecast for the Litecoin price: bullish

On January 23, the barrier at $91 was broken, but the uptrend was short-lived. The cryptocurrency asset is trading in a range below the $91 threshold. It will be difficult for the altcoin to resume its uptrend. The LTC price will reach a high of $101 if the resistances at $91 and $92 are overcome. If the altcoin does not go higher, it will be forced to trade in a range between $80 and $93. The LTC price will fall to a low of $80 if the current high is rejected. However, if the bears break the current support at $80, the downtrend would resume. 

Litecoin indicators analysis

Litecoin is now in the area of an uptrend after the setback. For the period 14, it is at level 66 of the Relative Strength Index. The altcoin is in the rising zone, but approaching the overbought area. As the price bars have held above the moving average lines, Litecoin is rising. Litecoin has positive momentum above the daily stochastic threshold of 50.

LTCUSD(Daily Chart) - January 24.23.jpg

Technical indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next move for Litecoin?

The upside has consistently held above the $80 support level. The altcoin is currently gaining value as it approaches the $91 resistance level. If the current barrier is broken, we can expect further upward movement. After three rejections, buyers were unable to keep the price above the $91 barrier.

LTCUSD(4 Hour Chart) - January 24.23.jpg

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 in funds.

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