Coinicol.com: Litecoin Slumps but Struggles to Hold Above $80

Litecoin (LTC) has surged above the moving average lines, reaching a high of $84.77.

However, buyers were unable to maintain bullish momentum above the $85 level. 

Litecoin price long-term prediction: bullish

Today, the cryptocurrency price has fallen below the moving average lines. Litecoin is trading in a narrow range, above the 50-day SMA support and below the resistance at $85. If the 50-day SMA support holds, the price is likely to rise and retest the $85 barrier. Litecoin could return to its previous high of $103 if the current barrier is broken. If the 50-day SMA support is breached, the LTC price will fall between the moving average lines. Furthermore, bearish momentum may continue towards the previous low of $72.

Technical Indicators:

• Resistance Levels – $100, $120, $140

• Support Levels – $60, $40, $20

Litecoin price indicators analysis

The LTC price is above the downward-sloping moving average lines. The positive momentum has eased, with the price finding support above the 50-day SMA. If the price falls below the 50-day SMA support, the altcoin will return to its previous range above $72.

On the 4-hour chart, the price bars have fallen below the upward-sloping moving average lines, indicating that the cryptocurrency may continue to decline.

What is the next move for Litecoin?

The price of Litecoin has fallen below the moving average lines on the 4-hour chart. The cryptocurrency price has been bouncing since January 8, with each retest of the current support at $80. LTC's price is trading above the $80 support but below the moving average lines. The extended candlestick tails imply heavy buying above the $80 barrier.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.