Litecoin Stabilizes Above $60 Support, But Trades In A Range

Aug 23, 2023 at 10:46 // Price
Coin Idol
Litecoin is in a negative trend zone

Cryptocurrency analysts of report, Litecoin (LTC) price is falling and has reached the oversold status.

Long-term forecast of Litecoin price: bearish

The cryptocurrency fell to a low of $53.70 as bulls bought the dips. As the altcoin has retreated above the $60 support, the downward momentum has stopped. LTC price stabilized above the $60 support last week but fluctuates in a small range.

The cryptocurrency's price is hovering between $60 and $68. If the current support holds and the initial resistance at $68 is broken, the altcoin will regain positive momentum. Altcoin will surpass its previous high of $80. If the current support is broken, selling pressure will resume. The market will return to its previous low of $53. In the meantime, the altcoin is soaring, reaching a high of $65.

Litecoin indicators analysis

Litecoin is oversold between levels 25 and 30 of the Relative Strength Index of period 14. The cryptocurrency is in a negative trend zone, which means that it is likely to fall. On the other hand, the altcoin is gaining momentum and crossing the daily stochastic threshold of 50, but the doji candlesticks have slowed down the bullish momentum.

LTCUSD_(Daily Chart) – AUG. 23.23.jpg

Technical Indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What's the next move for Litecoin?

Litecoin is rallying above the current support level, but the upside momentum is slowed by the high at $68. A price rise above the current support level would indicate the start of a new uptrend. However, the presence of doji candlesticks will force the cryptocurrency to trade in a range.

LTCUSD_(4 Hour Chart) – AUG.23.jpg

As we reported on August 16, selling pressure eased on August 3, when the altcoin found support above the $80 low. The cryptocurrency price has started a sideways movement between $80 and $84. 

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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