Cryptocurrency Analysts: Litecoin (LTC) Price Holding Above $61 Support
According to cryptocurrency analysts, the price of Litecoin (LTC) is currently trading sideways above the $61 support level. The 21-day line simple moving average (SMA) at $64 has been acting as a barrier to higher moves. The price is currently at $63 and has been experiencing slow movement due to doji candlesticks. Litecoin’s price is fluctuating within a narrow range between $61 and $65. If selling pressure increases or there are additional restrictions on upward movement, the cryptocurrency may fall. If the current support is broken, it could drop to its previous low of $53. However, given that Litecoin is already overbought, a significant upward move is unlikely.
Litecoin Indicator Analysis
After an upward correction, the Relative Strength Index (RSI) with a period of 14 has reached a value of 43. This indicates that LTC is still in a downtrend zone. The price bar is currently testing or retesting the 21-day line SMA, which suggests a potential downward price slump. On the daily basis, Litecoin has gained momentum above the stochastic threshold of 89. However, this also indicates that the price is overbought and may soon face selling pressure.
Technical Indicators
Resistance levels for Litecoin are at $100, $120, and $140. On the other hand, support levels are at $60, $40, and $20.
What’s Next for Litecoin?
The recent price decline on August 17 has placed Litecoin in a fluctuation range. The price is currently moving within this range and approaching the previous low of $53. If Litecoin is rejected at the 21-day SMA, the downtrend could intensify. It’s worth noting that the 21-day line SMA has been acting as a resistance line since the beginning of the decline.
Source: Coin Idol
Hot Take: Litecoin Price Consolidates Above $61 Support Level
The price of Litecoin (LTC) is currently holding above the $61 support level and trading within a narrow range. The altcoin’s price movement has been limited by the 21-day line SMA at $64, which has acted as a barrier to higher moves. Despite recent fluctuations and overbought conditions, the price remains stable between $61 and $65. However, if selling pressure increases or the current support is broken, Litecoin could experience a significant decline. Traders should closely monitor the 21-day SMA for potential rejection and further downtrend confirmation.
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