Litecoin (LTC) corrects upwards after being trapped between moving average lines. Cryptocurrency price analysis by Coinidol.com.
On December 1, the price of the cryptocurrency broke above the moving average lines and reached a high of $74 before retracing above the moving average lines. Upward movements encounter firm resistance at higher price levels.
In the previous price move, LTC price rose to a high of $76 before falling below the moving average lines. At the time of writing, Litecoin is trading at a high of $72.
Should the bears break through the $70 support, the cryptocurrency would fall back into the previous fluctuation zone between $60 and $70. If Litecoin remains above the moving average lines, it will retest the previous highs.
Since the end of the downtrend, however, Litecoin has been trading modestly at the bottom of the chart.
The cryptocurrency value is trending sideways, causing the altcoin to move in a limited range. The moving average lines have remained horizontal, indicating a sideways trend. The price bars are moving below and above the moving average lines.
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
Litecoin will continue to move sideways if it fails at the $76 resistance level. The cryptocurrency has now reversed course and found support above the moving average lines or the low at $72. The cryptocurrency will continue to trade sideways above the moving average lines. The price of LTC will continue to rise and retest previous highs until the resistance levels are broken.
Coinidol.com reported on November 28 that the price of LTC was trapped between the moving average lines. The presence of doji candlesticks was limiting the altcoin's price movement.
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.