Litecoin Rises But Challenges Resistance At $96

Apr 11, 2023 at 12:48 // Price
Coin Idol
The LTC price oscillates between the $90 and $96 levels in anticipation of an uptrend

Litecoin (LTC) price continues to rise, but is struggling to reach its recent high of $96.

Long-term forecast for the Litecoin price: bullish

The uptrend of Litecoin price that started on March 24 was broken at the $96 high and later changed its direction above the moving average lines. For the last two weeks, the cryptocurrency has been trading above the moving averages lines, but reaching the recent high proved to be difficult. The LTC price is currently at $95.48 and is unable to break above this resistance. The highs of $96 and $105 should be resistance on the upside for Litecoin. The price indicator predicts that the LTC price will rise to a high of $122 in a short period of time if the current resistances are broken. If it is rejected at the current high, Litecoin could fall below the moving average lines. 

Litecoin indicator analysis

Litecoin is at level 60 in the Relative Strength Index for period 14. In the area of an uptrend, Litecoin has room to rise even higher. The moving average lines are above the price bars, which indicates that the cryptocurrency's price continues to rise. As it is above the daily stochastic level of 80, Litecoin is in a downtrend. According to the price indicator, the altcoin is trading in an overbought zone of the market.

LTCUSD(Daily Chart) - April 11.23.jpg

Technical indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next step for Litecoin?

Although Litecoin is currently rising, further progress is limited by the $96 resistance level. After each rejection, the altcoin fluctuates within a limited range above the moving average lines. The LTC price oscillates between the $90 and $96 levels in anticipation of an uptrend.

LTCUSD(4 Hour Chart) - April 11.23.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 CoinIdol. Readers should do their own research before investing in funds.

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