The price of Litecoin (LTC) rises above the moving average lines
The long-term outlook for Litecoin price is bullish. Since the price drop on January 3, 2024, there has been uncertainty about the direction of the market. Buyers have failed to maintain upward momentum above the moving average lines multiple times. However, Litecoin is currently trading above the moving average lines at $70.03. It is expected to rise to previous highs of $74 and $76, but there is a possibility of rejection. If Litecoin fails to reach its previous highs, it will find support above the 21-day SMA.
Analysis of the Litecoin indicators
The price bars that were previously trapped between the moving average lines have broken above them. This indicates that Litecoin has the potential to rise to previous highs. The moving average lines have been horizontal for months due to the sideways trend.
Technical indicators
The resistance levels for Litecoin are $100, $120, and $140, while the support levels are $60, $40, and $20.
What’s next for Litecoin?
Litecoin has been moving sideways between $64 and $74 since Jan. 1. The resistance at $74 has halted the uptrend. As long as Litecoin remains within this range, neither bulls nor bears have an advantage. Doji candlesticks have been used to indicate price changes.
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