Litecoin Stays Above $84 As Traders Show Apathy

May 31, 2024 at 14:04 // Price
Coin Idol

Litecoin's (LTC) price has not fallen below the 50-day SMA support despite being rejected at its high of $89.

Long-term Litecoin price prediction: fluctuating

On May 23, the bears broke below the moving average lines, but the bulls bought the dips. Doji candlesticks formed, bringing the price of the cryptocurrency back above the 50-day SMA. Today, as reports, the price of the cryptocurrency has risen slightly above the 50-day SMA support.

On the upside, Litecoin is set to test its previous high of $89. If the current resistance is broken, the positive momentum will continue to the high of $100. However, Litecoin will return to its trading range if the bulls fall below the moving average lines. Litecoin will then fall to its current support of $79. Meanwhile, the altcoin is valued at $84 at the time of writing.

Analysis of the Litecoin  indicators

The LTC price bars are above the 50-day SMA support. The Doji candlesticks have limited the overall price movement of the coin. The price has been holding above the moving average lines. This is due to the fact that traders are not concerned about the direction of the market.

Technical Indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

LTCUSD_(Daily Chart) –May 30.jpg

What's next for Litecoin?

On the four-hour chart, Litecoin has fallen below the moving average lines. The price of the crypto asset is fluctuating between the moving average lines, which has reduced selling pressure. Coins tend to trend when moving averages are broken. There are doji candlesticks that mitigate price fluctuations.

LTCUSD_(4-hour Chart) –May 30.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 their research before investing in funds.

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