Cryptocurrency analysts of Coinidol.com report, the price of Litecoin (LTC) has broken through the 50-day simple moving average and reached a high of $68.
Long-term forecast of the Litecoin price: fluctuation range
Since August 29, the resistance zone of $70 has stopped the rising movement. The October 1 rise will be the third attempt by buyers to maintain positive momentum above the moving average lines. The upward momentum was rejected as the altcoin finds support above $65 and the moving average lines. At the time of writing, Litecoin is attempting to resume its uptrend, reaching a high of $66.29. If Litecoin rallies, the $70 barrier will be broken and Litecoin will rise to a high of $85. However, if the bulls fail to break the recent high, Litecoin will be forced to trade in a range between $63 and $70.
Litecoin indicator analysis
Litecoin’s price has been retreating above the moving average lines for some time now. The altcoin will rise if it finds support above the moving average lines. On the other hand, if the price falls below the moving average lines, the selling pressure will increase again. The cryptocurrency is trapped between the moving average lines on the lower time frame.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What is the next move for Litecoin?
Litecoin is above the moving average lines, but could decline due to the rejection of the recent high. Currently, the altcoin is trapped between the moving average lines on the lower time frame.
As we reported on September 26, the altcoin has not advanced since September 1 as its price remains between $61 and $64. It is currently trapped between the moving average lines.
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.com. Readers should do their research before investing in funds.