Litecoin Is In A Range As It Continues Its Attempts At $89

May 16, 2023 at 13:41 // Price
Coin Idol
Litecoin is trading in an overbought zone

Litecoin (LTC) price is rising, although it is constrained by the moving average lines.

Long-term forecast for the Litecoin price: bullish

The 50-day line SMA or resistance at $89 has halted the upward movement, keeping the cryptocurrency in a tight range. The altcoin is currently trading at $87.75 but is constrained by the moving average lines. The LTC price will regain its previous high of $103 if the bulls manage to break above the 50-day line SMA or the barrier at $89 to the upside. After being rejected at the last high, the altcoin is now on the retreat. However, if the price falls below the 21-day line SMA, the downtrend could return. The cryptocurrency's price would then fall to its previous low of $75. Nevertheless, Litecoin will be stuck between the moving average lines if they are not broken. 

Litecoin indicator analysis

The cryptocurrency value is rising as it reaches the Relative Strength Index for the period 14 at level 53. Litecoin is currently in a bullish trend zone and could continue to rise. The altcoin is stuck between the moving averages lines, indicating a potential move within a range. The LTC price is currently trading in an overbought area of the market. It is above the 80 stochastic at the daily level. Sellers will emerge in the overbought area.

LTCUSD_(Daily Chart) – May 16.23.jpg

Technical indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next step for Litecoin?

If Litecoin fails to break the $90 resistance zone, it will trade in a sideways movement. When the upswing ended, Litecoin fell between the moving average. As the altcoin is trapped between the moving average lines, we now expect it to move sideways. Moreover, the altcoin is trading in an overbought zone as we expect a possible decline.

LTCUSD_(4 –Hour Chart) - May 16.23.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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