Litecoin Reaches Bearish Exhaustion And Holds Above $75

Jun 12, 2024 at 14:44 // Price
Coin Idol

Cryptocurrency analysts of report, the price of Litecoin (LTC) has fallen below the moving average lines after the price drop on June 7.

Long-term prediction of the Litecoin price: in range

Since May 20, the price of the cryptocurrency has barely traded above the moving average lines. The uptrend was hindered by resistance at $89. On June 7, the cryptocurrency fell well below its moving average lines. The cryptocurrency reached a low of $75 before falling back. The price of LTC has fallen to a range of $73 to $89 per coin. If the current support is breached, the downtrend will continue to the $70 mark. Meanwhile, Litecoin is worth $75 at the time of writing.

Analysis of the Litecoin  indicators

Following the current price drop, LTC's price bars have fallen below the moving average lines. A bearish crossover can be seen on the four-hour and daily charts. If the 21-day SMA falls below the 50-day SMA, this is a sell signal. The moving average lines have dipped downwards in a sideways trend.

LTCUSD_(Daily Chart) –une 11.24.png

Technical indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What is the next move for Litecoin?

Litecoin is in a nosedive and is approaching the current support level of $75. The altcoin had already fallen sharply to a low of $75 on June 7, but the bulls bought the dips on the 4-hour chart. The upside correction was denied again at $80. The cryptocurrency value has fallen again and is currently hovering around the $75 support.

LTCUSD_(4-hour Chart) –June 11.24.png

Last week reported that the altcoin fell to a low of $81 before recovering. The price of the cryptocurrency has been moving between the moving average lines. 

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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