Litecoin Remains Range-Bound With More Restraince At $78

Dec 12, 2023 at 11:33 // Price
Coin Idol

The price of Litecoin (LTC) has risen but faces further rejection at a high of $78. Litecoin price analysis by

Long-term Litecoin price prediction: in the range

On December 12, the price of LTC reached $72.74. Since November 9, resistance at $76 has halted the uptrend. Buyers have failed to sustain the upward momentum above the $76 resistance level. The cryptocurrency fell above the $70 support level on December 11 as bulls bought the dips. If Litecoin falls above the current support, a move between $70 and $76 will begin. The decline is currently continuing to the previous low of $60.

The market will return to its previous rangebound zone if the bears break the current support at $70 or fall below the moving average lines. In the meantime, the Litecoin price will remain steady between $70 and $76.

Analysing the Litecoin indicators

The LTC price bars have continuously stayed above the horizontal moving average lines. The altcoin has risen since December 1 as the price bars have remained above the moving average lines. The price bars on the 4-hour chart are below the moving average, indicating a recent decline.

Technical Indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

LTCUSD_Daily chart -Dec.12.jpg

What is the next move for Litecoin

Litecoin has risen above the current support level of $70. If the current support holds, the market will resume its move between $70 and $76. Expecting a further rise, the altcoin will rise and retest the resistance at $76. The decline will continue if the current support is broken. The cryptocurrency will retrace and test its previous low of $60.

On December 1, reported that the price of Litecoin broke above the moving average lines and reached a high of $74 before retracing above the moving average lines. 

LTCUSD_4 Hour chart -Dec.12.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.

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