Coinidol.com: Litecoin Reverts and Remains above its $54 Low

The Litecoin (LTC) price has failed to sustain its sideways movement above the moving average lines and is facing rejection near the $57 high.

Litecoin Price Long-Term Prediction: Bearish

Since April 17, bullish momentum has been repelled twice at the $57 level.

Today, bullish momentum reached $57 but then fell back below the moving average lines. On the downside, if bearish momentum continues, Litecoin will fall to lows of $54 and $52.

Meanwhile, the LTC price has dropped to a low of $54 but is now hovering above this level. In other words, the LTC price is trading above $54 but below the moving average lines or the $57 resistance. Currently, Litecoin is valued at $55.33.

Technical Indicators:

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

• Support Levels – $60, $40, $20

Litecoin Indicator Analysis

The price has fallen below the horizontal moving average lines. On April 29, the long candlestick indicates heavy selling pressure at the $57 level. Doji candlesticks, with their small bodies and indecisive nature, have dominated price movement.

On the 4-hour chart, the price bars have slipped below the upward-sloping moving average lines. The cryptocurrency asset has risen above its current support at $54.

What Is the Next Move for Litecoin?

The price of Litecoin has reverted to its previous range, which is above the $54 support but below the moving average lines or the $57 resistance.

Today, buyers attempted to keep the price above the moving average lines but were repelled. LTC's price has rebounded to its current support level of $54. If the current support level is surpassed, the bearish trend will continue to the low of $52.

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.