CoinIdol.com: Litecoin Holds Steady Above $50

Litecoin (LTC) has remained above the $50 support level.

Litecoin price long-term prediction: ranging

Buyers pushed the price above the 21-day SMA but failed to sustain momentum above the 50-day SMA. After facing initial resistance near $57, the LTC price has been confined between the moving average lines. The cryptocurrency is currently trading above the 21-day SMA support but below the 50-day SMA resistance. Bullish momentum has been rejected twice at the $57 high, with the altcoin continuing to fluctuate within a narrow range. On the downside, if bears push the price below the 21-day SMA support, the altcoin is likely to decline and continue moving sideways above the $50 level. If the current resistance is overcome, Litecoin could rise to $62. The current LTC price is $56.

Litecoin indicator analysis

The cryptocurrency price is moving sideways and is confined between the moving average lines. The moving average lines are horizontal, and the price is bouncing above the 21-day SMA. On the 4-hour chart, the cryptocurrency price fluctuates both below and above the horizontal moving average lines, indicating sideways movement.

Technical indicators:

Resistance Levels – $100, $120, $140

Support Levels – $60,$40,$20

What is the next move for Litecoin?

The Litecoin price remains in a sideways trend, fluctuating between the $50 support and the $60 resistance. On the 4-hour chart, the price is trading above the moving average lines but below the $60 resistance level. Today, the cryptocurrency price has retraced above the moving average lines after encountering resistance at $58.

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.com. Readers should do their research before investing in funds.