Litecoin Holds Strong at $94 🚀

LTC Uptrend Pauses as Resistance at $105 Approaches

The long-term forecast for Litecoin (LTC) remains bullish, with the cryptocurrency retracing above its breakout level of $94. If the support level at $94 is maintained, LTC is expected to rise and break through the resistance at $105. A successful break above $105 would allow LTC to continue its uptrend and potentially test its previous high of $122.

However, there is a possibility that the current upswing could come to an end if the $94 breakout level is breached. In this scenario, Litecoin could fall further towards the 21-day SMA or the low at $83. At the time of writing, LTC is trading at $96.36.

Analysis of Litecoin Indicators

After a recent drop, the price bars for Litecoin are currently above the moving average lines. This is a positive sign for LTC’s trend, as it indicates that it has the potential to resume its uptrend while remaining above these moving average lines. Furthermore, there has been a bullish crossover in the moving average lines, with the 21-day SMA crossing above the 50-day SMA.

Technical Indicators

Resistance levels: $100, $120, $140
Support levels: $60, $40, $20

What’s Next for Litecoin?

LTC has already resumed its uptrend and is currently holding above the $94 support level. However, buyers are facing difficulty in overcoming resistance at $105. The next move for Litecoin depends on whether or not buyers can successfully break through this resistance:

If buyers succeed in breaking through $105, LTC will likely reach new highs.
If the bulls fail to break through $105, Litecoin may enter a trading range between $94 and the $105 resistance level.

Hot Take: Litecoin’s Future Outlook

Despite the recent pause in its uptrend, Litecoin’s long-term forecast remains bullish. If LTC can maintain support above $94 and break through resistance at $105, it has the potential to reach new highs and test its previous high of $122. However, if the $94 support level is breached, Litecoin could face further downside towards the 21-day SMA or the low at $83. Keep an eye on how buyers respond to the resistance at $105 as this will be a key factor in determining Litecoin’s future direction.