Litecoin Holds Above $89 And The Uptrend Continues

May 23, 2023 at 13:15 // Price
Coin Idol
Litecoin price resumed its uptrend

Litecoin (LTC) price resumed its uptrend as it surpassed the moving average lines.

Long-term forecast for the Litecoin price: bullish

The cryptocurrency asset was previously trapped within the moving average lines, but it has now broken above them. The current price of LTC at the time of writing is $91. On a positive note, the current uptrend is rejected at a high of $95. The LTC price will rise to a high of $100 if this resistance is broken. The overbought area between $100 and $105 has been under renewed attack by the cryptocurrency since February 1. However, buyers have failed to break above the resistance since February 1. If the LTC price cannot overcome the resistance level, it will fall. However, the selling pressure will increase as soon as the bears fall below the moving average lines. The price decline will be up to $80. 

Litecoin indicators analysis

LTC/USD has reached the relative strength index for the period 14 at level 57. After the recent price increase, the altcoin is now trading in the uptrend zone. As the price bars are above the moving average lines, Litecoin is likely to rise. Above the daily stochastic threshold of 40, the alternative currency is in an uptrend. The sideways trend is indicated by the horizontal slope of the moving average lines.

LTCUSD_(Daily Chart) – May 23.23.jpg

Technical indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next step for Litecoin?

 Litecoin is in an uptrend and the upward movement has been stuck at $95 since May 17. The current uptrend could continue if the initial resistance is broken. Currently, the altcoin is trading in the bullish trend zone and above the moving average lines.

LTCUSD_(4 –Hour Chart) - May 23.23.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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