Cryptocurrency analysts from Coinidol.com have reported that the price of Litecoin (LTC) has been steadily rising since June 15. The altcoin reached a high of $93.88 before experiencing a drop, but it has since retreated above the moving average lines. Currently priced at $88.07, the altcoin is facing resistance at the $100 level, and if this zone is tested again, it could push the cryptocurrency above the moving average lines. However, if the altcoin falls below the moving average lines, the downtrend will continue until it reaches the previous low of $72. Despite trading sideways, LTC remains above the moving average lines.
In terms of technical indicators, Litecoin’s price is above the moving average lines and has a Relative Strength Index (RSI) of 57. The price bars are also above the moving average lines, suggesting a possible uptrend. The altcoin is currently trading above level 25 of the daily stochastic. The resistance levels for Litecoin are $100, $120, and $140, while the support levels are $60, $40, and $20.
Looking ahead, it is expected that Litecoin will regain its previous highs, as it has completed a retracement and is currently trading above the moving average lines. However, buyers have struggled to keep the price above the resistance at $100. On June 10, the altcoin fell to a low of $71 but has since encountered resistance in its attempt to resume the uptrend.
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