Litecoin Breaks Through 50-Day Moving Average
Cryptocurrency analysts have reported that the price of Litecoin (LTC) has broken through the 50-day simple moving average and reached a high of $68. However, the resistance zone of $70 has halted its upward momentum since August 29. The altcoin is currently attempting to resume its uptrend, with a high of $66.29. If Litecoin manages to rally, it could break the $70 barrier and rise to $85. But if it fails to break the recent high, Litecoin will likely trade in a range between $63 and $70.
Litecoin Indicator Analysis
The price of Litecoin has been retreating above the moving average lines for some time now. If it finds support above these lines, the altcoin is expected to rise. On the other hand, if the price falls below the moving average lines, selling pressure will increase again. Currently, Litecoin is trapped between these lines on the lower time frame.
Technical Indicators
Resistance levels for Litecoin are at $100, $120, and $140, while support levels are at $60, $40, and $20.
What’s Next for Litecoin?
Although Litecoin is currently above the moving average lines, it may experience a decline due to the rejection of its recent high. The altcoin remains trapped between these lines on the lower time frame and has not made significant progress since September 1. Its price continues to hover between $61 and $64.
Hot Take: Litecoin’s Price Breaks Through Resistance
The price of Litecoin (LTC) has successfully broken through its 50-day moving average, reaching a high of $68. While it has faced resistance at the $70 level, Litecoin is now attempting to resume its uptrend. If it manages to rally, it could surpass the $70 barrier and potentially reach $85. However, if it fails to break the recent high, Litecoin will likely trade within a range of $63 to $70. Overall, the altcoin’s performance remains uncertain as it is currently trapped between moving average lines on the lower time frame.
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