Litecoin Slips Below Critical Support After Strong Rejection At $76

Jan 17, 2024 at 10:35 // Price
Coin Idol

The price of Litecoin (LTC) has fallen again as it encounters rejection at the $76 overhead resistance level. LTC price analysis by

Long-term outlook for Litecoin price: bearish

Litecoin is currently trading at $69.39 after falling below the moving average lines. On the upside, buyers have failed to sustain their upside momentum above the $76 high since November 12.

The long candlestick wick from November 12, 2023 indicates strong selling pressure at the $76 overhead resistance level. Litecoin is now in a downtrend and could fall further. The decline will begin if it is rejected at the moving average lines. The downward momentum will continue to the lows of $65 or $63.

Analysis the Litecoin indicators

The rejection at $76 has caused the price bars to fall below the moving average lines. Once the price bars fall below the moving average lines, the altcoin is at risk of a decline. The price bars are marked by doji candlesticks, which limit the price movement. The horizontal moving average lines indicate a sideways trend.

Technical indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

LTCUSD_(Daily Chart) – Jan.17.jpg

What is the next move for Litecoin

Litecoin has fallen into the downtrend zone and is trading in the previous range bound zone between $60 and $70 price levels. The altcoin has fallen above the $69 support and has resumed consolidation above it. The price action has remained stagnant due to the doji candlesticks.

LTCUSD_4 - Hour chart -Jan .17.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 the research before investing in funds.

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