Litecoin Tests The High Of $102 Again And Reaches The Overbought Region

Feb 07, 2023 at 14:27 // Price
Coin Idol
Although Litecoin is in an uptrend, the market is now overbought

The Litecoin (LTC) price has been gradually rising since its peak of $102 on February 1. Before the price continued to rise, the cryptocurrency asset experienced a brief correction.

Long-term forecast for the Litecoin price: bullish

The altcoin is currently retesting the high resistance of $102. The market is overbought near the recent high. The uptrend has stalled since February 1. The market will rise to a high of $112 if the current resistance is broken. While the price fluctuates between $88 and $102, the uptrend is developing. If the 21-day line SMA or the $92 support is broken, the LTC price will fall. At the time of writing, Litecoin has regained upward momentum and is trading at a high of $99.

Litecoin indicators analysis

Buyers have maintained their positive momentum after reaching the Relative Strength Index of 64 for the period 14. The price of cryptocurrencies will rise and surpass the past highs. The price is in an uptrend as shown by the price bars above the moving average lines. The daily stochastic has reached the value of 80 for the LTC price.

LTCUSD( Daily Chart) - February 7.23.jpg

Technical indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next step for Litecoin?

Although Litecoin is in an uptrend, the market is now overbought. The uptrend stalled last week below the $102 resistance. If buyers overcome this barrier today, the uptrend will continue. Otherwise, the cryptocurrency asset will trade below the resistance level within a trading range.

LTCUSD(4 Hour Chart) - February 7.23.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 CoinIdol. Readers should do their own research before investing in funds.

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