Litecoin Bounces Back But Encounters Resistance At $83

May 10, 2024 at 13:34 // Price
Coin Idol

The price of Litecoin (LTC) bounces above the current support at $73 but remains below the moving average lines.

Long-term outlook for Litecoin price: bearish

The altcoin corrected higher but was rejected twice by the 21-day SMA. The upside is further limited by the 21-day SMA or resistance at $83. The cryptocurrency is currently trading below the 21-day SMA resistance but above the support at $73. The altcoin appears to be trading in a limited range, which could lead to a price breakout or crash. Litecoin is currently worth $83.

Litecoin indicator analysis

The 4-hour chart shows price bars above the sloping moving average lines, indicating a sideways trend. The price bars are limited and dominated by doji candlesticks. Long candlestick tails point to the current support at $73.

Technical indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

LTCUSD_(Daily Chart) –May 9.jpg

What's the next move for Litecoin

Litecoin is trading below the 21-day SMA but above the $73 support. Price action has remained stable due to doji candlesticks. Since March 5, the bulls have defended the current support of $73. Once the price of the cryptocurrency breaks above the moving average lines, it will resume its uptrend.

LTCUSD_(4-hour Chart) – May 9.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 Readers should do their research before investing in funds.

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