The price of Litecoin (LTC) has broken through the moving average lines, but the uptrend is rejected at the high of $95.
Long-term forecast for the Litecoin price: bullish
The value of the cryptocurrency fluctuates above the moving average lines, but below the resistance at $95. This has been the case since March 23. The current price of LTC/USD is $92.05 at the time of publication. In other words, the altcoin is largely stable above the $90 support. However, the price indicator suggests that the price of the cryptocurrency will continue to rise. On the plus side, the market will rise to the 2.618 level of the Fibonacci extension, or $120.80, if the price breaks above the $95 high. In contrast, Litecoin is at risk of falling below the moving average lines if it is rejected at the recent high. The altcoin will fall to its previous low of $65 before rising again.
Litecoin indicator analysis
In the Relative Strength Index for the 14 period, Litecoin is at 55. The crypto asset has maintained a bullish trend zone and could continue to rise. The moving average lines will rise as the price bars are above the lines. If the daily stochastic exceeds 40, the upward momentum has slowed down.
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
What is the next step for Litecoin?
Litecoin is currently trading in the bullish trend zone above the moving average lines. On the 4-hour chart, the cryptocurrency’s price is between the moving average lines. It follows that the altcoin has to move in a range for a few days.
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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