Litecoin Price Climbs Over The $98 Hurdle

The price of Litecoin (LTC) has continued its upward trend above the moving average lines.

Litecoin price long-term prediction: bullish

As reported by Coinidol.com, on the 3rd of July, the uptrend surpassed the 50-day SMA and reached a high of $92. However, Litecoin was repelled and fell back between the moving average lines. On July 9, buyers broke through the 50-day SMA and the $92 level. Litecoin rose to a high of $98 before falling again.

Today, the altcoin is rising again, marking the start of new upward momentum. According to price forecasts, Litecoin will rise to the Fibonacci extension of $1.618 or $101.38. After the pullback, Litecoin reached a new high at $97.84.

Analysis of Litecoin indicators

The 21-day SMA has risen above the 50-day SMA, signalling an uptrend for Litecoin. The moving average lines remained horizontal even after the breakout on 9 July. The 21-day and 50-day SMAs are tilted northwards, signalling an uptrend on the 4-hour chart.

Technical Indicators 

Resistance Levels: $100, $120, $140

Support Levels: $60, $40, $20

What is the next move for Litecoin?

Litecoin regains bullish momentum as it approaches the $102 high. On the 4-hour chart, the bullish trend has halted below the $98 high since July 11th.

Today, the cryptocurrency price is retesting the $98 level in expectation of another upward rise. A break above the $98 high will propel the altcoin to its previous high of $102.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.