The price of Litecoin (LTC) is falling within a specific range
Currently, the price of LTC has dropped to $69.05 and is being restricted by doji candlesticks. The altcoin is stuck between the moving average lines, which means its price movement is closely monitored when it breaks either the 21-day or 50-day SMA. If the bears break the 50-day SMA, the altcoin will fall within the $60 to $70 price range. On the other hand, if the bulls breach the barrier at $70 or the 21-day SMA, Litecoin will resume its uptrend.
Analysis of Litecoin indicators
Litecoin is trapped between the moving average lines, indicating that it will fluctuate in value. A fall in price bars below the moving average lines on the 4-hour chart suggests a downward trend. Both charts show horizontally sloping moving average lines, indicating a sideways trend.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s the next move for Litecoin?
Litecoin is currently bearish but stuck within a range of $60 to $70. If it fails to break past the $72 high, it may experience further declines. The pattern of lower highs and lower lows will determine its decline. This movement between $60 and $70 has been observed for several days now and seems to be repeating itself.
Hot Take: Litecoin’s Price Movement Stuck in a Range
The price of Litecoin (LTC) has been trading within a narrow range of $60 to $70 for some time now. Despite attempts to break out of this range, the altcoin has been unable to gain significant momentum. With bearish indicators and a sideways trend, Litecoin’s next move remains uncertain. Traders should closely monitor key levels of support and resistance to gauge the future direction of LTC.
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