Coinidol.com: Litecoin Drops To Its Range Above $80

Litecoin (LTC) has not risen since moving above the moving average lines. The cryptocurrency climbed above these lines but encountered resistance

The cryptocurrency climbed above these lines but encountered resistance around $110. After reaching this recent high, it fell below the 50-day SMA.

Litecoin price long-term prediction: bullish

On the downside, selling pressure is expected to persist above the 21-day SMA support, or the $95 low. If bears push the price below the moving average lines, negative momentum could drive it down to $80.

Currently, Litecoin is trading below the 50-day SMA support and above the 21-day SMA support. When the moving average lines are breached, the altcoin tends to establish a new trend. Litecoin is now valued at $100.27.

Technical Indicators 

• Resistance Levels: $100, $120, $140

• Support Levels: $60, $40, $20 

Litecoin indicator analysis

The price bars are positioned above the horizontal moving average lines. However, bears are attempting to push the price below the 50-day SMA. If they succeed, Litecoin's price could decline significantly. On the 4-hour chart, the price bars remain above the horizontal moving average.

What is the next move for Litecoin?

Litecoin's price is rising while maintaining a sideways trend. There are long candlestick wicks at several price levels, indicating significant selling pressure at recent highs. Currently, the cryptocurrency is declining as it returns to its previous price range above $80.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.