The Latest Price Analysis of Litecoin (LTC)
The latest price analysis shows that Litecoin (LTC) is currently trading in a horizontal trend above the $62 support level. The 21-day line Simple Moving Average (SMA) has slowed down the uptrend and is acting as a resistance line. On August 29, LTC rallied but was rejected by the 21-day line SMA, resulting in a low of $61. Currently, LTC/USD is consolidating between $61 and $64 in a narrow range.
If this range is broken, the cryptocurrency value will transition into a trend. A break above the 21-day line SMA will signal a bullish momentum, extending to the 50-day line SMA and starting an uptrend. Conversely, a price breakout indicates a downtrend resumption, with the altcoin falling back to its previous low of $53.
Litecoin Indicators Analysis
The price of Litecoin has remained stable at the 32 level of the Relative Strength Index (RSI) of period 14, indicating bearish exhaustion. The market has continued to fall below the moving average lines, and the bearish momentum has stalled below the daily stochastic reading of 80.
Technical Indicators
Resistance levels for Litecoin are $100, $120, and $140, while support levels are $60, $40, and $20.
What’s Next for Litecoin?
The horizontal trend will continue as long as doji candlesticks dominate the market action. The LTC price is currently returning to the lower price range after stalling at $64, with the decline slowing down. If the current resistance is broken, Litecoin will rise above the moving average lines, indicating a positive momentum.
Hot Take:
The current price analysis suggests that Litecoin is trading in a horizontal trend, with its value consolidating between $61 and $64. The altcoin is facing resistance from the 21-day line SMA, but a breakout above this level could signal the start of an uptrend. On the other hand, a price breakout would indicate a resumption of the downtrend. Overall, it is important to monitor the support and resistance levels for Litecoin and watch for any significant price movements that could indicate a shift in trend.
By
By
By