Litecoin Recovers And Heads For The Barrier At $64

Nov 02, 2022 at 10:40 // Price
Coin Idol
Litecoin price is moving in the uptrend zone

Litecoin (LTC) price is moving in the uptrend zone as the price is moving above the moving average lines.

Long-term forecast for the Litecoin price: bullish

The LTC price rallied on October 25 and crossed the 50-day line SMA. The altcoin rose to a high of $57 before retreating. Below the $58 resistance zone, the rise that started has come to an end. The uptrend zone is now the area where Litecoin is trading. The price of the cryptocurrency has been moving between $54 and $58 since October 26. On the positive side, the resistance at $58 can be overcome if the LTC price rises back above the $54 support level. The next resistance level at $64 will now be reached by the positive momentum. However, if the bullish scenario is refuted, the recent price fluctuation between the $54 and $58 price levels could continue.

Litecoin indicator analysis

Litecoin is at level 55 on the Relative Strength Index for period 14, which explains the altcoin's ability to rise in the uptrend zone. The price bars are settling above the moving average lines, which indicates that the cryptocurrency will continue to rise. The cryptocurrency is moving below the 80% zone of the daily stochastic, which is bearish 

LTCUSD(Daily Chart) - November 1.png

Technical Indicators 

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next step for Litecoin?

After crossing the moving average lines, the cryptocurrency is currently trading in the positive trend zone. Litecoin is currently limited to a small trading range as it oscillates below the $58 resistance level. Breaking the current support at $54 or the resistance at $58 will determine how far the cryptocurrency will move.

LTCUSD(Daily Chart 2) - November 1.png

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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