Coinidol.com: Litecoin Pauses Its Bullish Rise above $50

Litecoin (LTC) has resumed its bullish ascent after breaking above the 21-day SMA barrier.

Litecoin price long-term prediction: bullish

Previously, the cryptocurrency was range-bound above the $50 support but below the moving averages. Buyers pushed the price above the 21-day SMA.

On the upside, positive momentum is likely to reach the 50-day SMA barrier or the resistance at $65. If buyers sustain the price above the 50-day SMA, bullish momentum could extend to a high of $80. If buyers are unable to break past the 50-day SMA, the LTC price will remain caught between the moving average lines.

Technical Indicators:

• Resistance Levels – $100, $120, $140

• Support Levels – $60, $40, $20

Litecoin price indicators analysis

The cryptocurrency price has recovered and is now above the 21-day SMA support but below the 50-day SMA barrier. Despite the bullish surge, the moving average lines are sloping downward. On the 4-hour chart, the price bars are above the horizontal moving average lines, indicating a current bullish trend. Doji candlesticks dominate the crypto price, causing altcoins to trade within a range.

What is the next move for LTC?

LTC has started its bullish ascent after breaking above the moving average lines. On the 4-hour chart, the cryptocurrency price returned to a high of $59. Buyers were unable to sustain positive momentum above the $60 high. The price has retraced above the $50 level. If the $60 high is broken, the price is likely to rise to $65 or higher.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.