Litecoin Price Continues Rising After Breaking Above $70

Mar 07, 2024 at 13:10 // Price
Coin Idol

The current uptrend will continue as the price bars are above the moving average lines.

Long-term forecast for the Litecoin price: bullish

Litecoin (LTC) has fallen above the moving averages after a strong rise on March 2. The uptrend reached a high of $94.50 but was halted. The altcoin is currently recovering from its previous decline. Litecoin quickly fell to a low of over $70, but immediately recovered back above the moving average lines. The current LTC price is $85.79.

Should buyers break through resistance at $94.50, the altcoin could reach a high of $122. In the meantime, LTC price remains in a trading range, hovering above the 21-day SMA and resistance at $94.

Analysis of the Litecoin indicators

The LTC price bars are currently above the moving average lines, even though they had previously dipped below them. On the 4-hour chart, the price of the cryptocurrency is trapped between the moving average lines. This causes the cryptocurrency to move in a trading range. The long candle tails on both charts indicate strong buying pressure at lower prices.

Technical indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

LTCUSD_(Daily Chart) –March 7.jpg

What's next for Litecoin?

Litecoin is intact as the price bars have risen above the moving average lines. The altcoin is trading between support at $76.50 and resistance at $95. The upward correction will continue if the altcoin breaks through the resistance at the recent high. Otherwise, the movement will remain within the defined range.

LTCUSD_(4.hour chart) –March 7.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.

Show comments(0 comments)