Litecoin Is In A Modest Range As It Threatens To Fall Below $90

Feb 28, 2023 at 10:00 // Price
Coin Idol
Litecoin is in a modest trading range between the moving average lines

Litecoin (LTC) price is falling, but it is trapped between the moving average lines.

Long-term forecast of the Litecoin price: bearish

The cryptocurrency asset has been trapped between the moving average lines since February 20. The bears failed in their attempt to break the 50-day line SMA on February 24. If the 50-day line SMA is broken, Litecoin could fall to a low of $88 or $84. Bulls bought the dips when the price of LTC fell to a low of $90. After that, the altcoin recovered. The 21-day line SMA also resisted the upward correction. Litecoin may need to stay in a range for a few more days. When the moving average lines are crossed, it will develop a trend. At the time of writing, it is currently trading for $93.78. 

Litecoin indicator analysis

At a level of 48 on the Relative Strength Index for period 14, Litecoin is in the bearish trend zone. The altcoin is prone to decline as it is in the downtrend zone. Since the altcoin is still in between the moving lines, it could see a rangebound move. It is currently in downward momentum below the 60 level of the daily stochastic.

LTCUSD(Daily Chart) - February 28.23.jpg

Technical indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next move for Litecoin?

Litecoin is in a modest trading range between the moving average lines. It oscillates between the price levels of $90 and $96. The cryptocurrency's price retested previous levels last week but failed to develop. As the bears try to retest the $90 support, the bearish momentum has started to build.

LTCUSD(4 Hour Chart) - February 28.23.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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