Cryptocurrency analysts report bearish long-term forecast for Litecoin (LTC) price
The price of Litecoin (LTC) has fallen and is currently in the oversold status. It reached a low of $53.70, but has since stabilized above the $60 support level. The price is currently fluctuating between $60 and $68, and if the support holds and the resistance at $68 is broken, the altcoin will regain positive momentum and surpass its previous high of $80. However, if the support is broken, selling pressure will resume and the market will return to its previous low of $53. In terms of indicators, Litecoin is oversold and in a negative trend zone, but it is also gaining momentum and crossing the daily stochastic threshold. Resistance levels for Litecoin are at $100, $120, and $140, while support levels are at $60, $40, and $20. The next move for Litecoin will depend on whether it can break above the current resistance level and start a new uptrend, or if it will continue to trade in a range due to the presence of doji candlesticks. Currently, the price is moving sideways between $80 and $84.
Key Points:
- Litecoin (LTC) price is falling and has reached the oversold status
- The altcoin has stabilized above the $60 support level and is fluctuating between $60 and $68
- If the support holds and the resistance at $68 is broken, Litecoin will regain positive momentum and surpass its previous high of $80
- If the support is broken, selling pressure will resume and the market will return to its previous low of $53
- Litecoin is currently oversold and in a negative trend zone, but it is also gaining momentum and crossing the daily stochastic threshold
Hot Take:
Despite the current bearish long-term forecast for Litecoin, there is potential for the altcoin to regain positive momentum and surpass its previous high if it can break above the current resistance level. However, the presence of doji candlesticks may limit its upside movement and keep it trading in a range for now.
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