Litecoin Maintains Its Horizontal Trend, But Remains Above $60

Feb 01, 2024 at 07:48 // Price
Coin Idol

Litecoin price analysis by on February 1, 2024

Litecoin price long-term forecast: ranging

The price of Litecoin (LTC) has been in a sideways trend since the end of the decline on August 17, 2023. The decline slowed above the $64 support. Litecoin has traded in a range of $60 to $70 over the past five months.

Nevertheless, the price trend remained unchanged in January 2024. Since the price drop on January 3, Litecoin has been trading below its moving average lines. The moving average lines have limited the upside. Litecoin is currently worth $66. The 21-day SMA has capped today's upside moves. The altcoin will continue to fall and make a low above the $60 support. However, if the bears break the $60 support, the altcoin will return to the previous low of $56 or $53.

Analysis of the Litecoin  indicators

The LTC price bars are below the horizontal moving average lines. On the 4-hour chart, the price bars are between the moving average lines, indicating a likely range-bound move for Litecoin. Doji candlesticks, which have a small body and are indecisive, also characterize the price action.

Technical Indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

LTCUSD_(Daily Chart) – Jan. 31.jpg

What is the next move for Litecoin

Litecoin is currently trading below the moving averages. It is currently selling in the $60 to $70 price range. If the price of the cryptocurrency breaks out of its range, the altcoin will trend. Currently, the sideways trend is continuing below the moving average lines.

LTCUSD_(4 hour Chart) – Jan. 31.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 Readers should do their research before investing in funds.

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