Litecoin Reaches Overbought Region And Heads For The High At $84

Dec 06, 2022 at 11:12 // Price
Coin Idol
Litecoin has entered the overbought zone of the market

Litecoin (LTC) has been trading in the bullish trend zone since November 4. On November 23, the cryptocurrency reached a new high of $84. Litecoin cannot rise further as the market reaches the overbought zone.

Long-term forecast for Litecoin price: bullish

Buyers pushed the altcoin and retested the resistance level on December 5, but failed to break it. On the plus side, Litecoin has entered the overbought zone of the market. At a high of $84, the cryptocurrency is under selling pressure. However, if buyers manage to break above resistance, the altcoin will reach a new high of $129. LTC/USD is currently trading at $80.49 as we write this article.

Litecoin Indicator Analysis

The price of the cryptocurrency is well above the moving average lines, which indicates that Litecoin will continue to rise. For the period 14, the altcoin is at 66 on the Relative Strength Index. The cryptocurrency value has the potential to rise even further than the previous highs. It has bullish momentum above the daily stochastic value of 40.

LTCUSD(Daily Chart) - December 6.22.jpg

Technical Indicators 

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next step for Litecoin?

Litecoin's price is moving sideways below the $84 resistance level. Buyers have not broken the recent high yet. The altcoin is trading between the $72 and $84 price levels. If Litecoin falls and breaks below the $72 support, the uptrend could come to an end.

LTCUSD( 4 Hour Chart) - December 6.22.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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