The LTC price is moving back above the moving average lines and the $70 support for further upside.
Long-term forecast for Litecoin price: Bullish
The price of Litecoin (LTC) has been on the rise since November 4. The cryptocurrency has been trending sideways since its high of $76 on November 4. The altcoin is currently trading in a range between $70 and $76.
Today, Litecoin is in an uptrend, reaching a high of $72. On the upside, the altcoin will face resistance at the high of $76. Litecoin’s upward momentum will continue if it breaks through the $76 level. The market will rise to the $86 price level. Litecoin has been rejected three times in the past at the current high. On the downside, Litecoin faces the threat of a price drop if it falls below the $70 support or the 21-day SMA. The price of the altcoin will return between $58 and $70.
Analysis of Litecoin indicators
The altcoin is in a sideways trend on the 4-hour chart, with the price bars fluctuating below and above the moving average lines. After holding above the $70 support, the price bars have fallen below the moving average lines. The price bars on the 4-hour chart are below the moving average lines, which will slow down its uptrend.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What is the next move for Litecoin?
Litecoin is currently trading in a positive trend zone. The doji candlesticks have limited the price movement, which is why they are in place. Litecoin has been forced to move sideways since peaking at $76 on November 4. LTC/USD has fluctuated between $70 and $76 over the past week as Coinidol.com reported.
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.