Litecoin Retests The $72 High And Pulls Back To Its Previous Range

The price of Litecoin (LTC) has slipped back into the downtrend zone as it pulls back into its previous range. Detailed price analysis by Coinidol.com.

Since January 12, the moving average lines have limited the upward movement.

Long-term forecast for the Litecoin price: Bearish

On January 12, the wick of the long candle shows strong selling pressure at the $76 overhead barrier. At the time of writing, Litecoin is currently worth $68.13. The cryptocurrency asset has returned to its usual price range of $60–$70. The altcoin will fluctuate within this range until it resumes its uptrend.

Analysis of Litecoin indicators

After the rejection by the moving average lines, the LTC price bars are now below these lines. Nonetheless, the altcoin will try to break below the moving average lines. Litecoin's price is rising due to the Doji candlesticks, which limit price fluctuations.

Technical indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What's the next move for Litecoin

After rejecting resistance at $76, the altcoin is now trading in a limited range. The altcoin is currently trading above $66 but below the $72 level. Litecoin will resume its uptrend once buyers break above the $72 resistance level and moving average lines.

On January 17, Coinidol.com reported that Litecoin was trading at $69.39 after falling below the moving average lines. 

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.com. Readers should do their research before investing in funds.