Cryptocurrency Price Analysis: Litecoin (LTC) Maintains Sideways Movement
Litecoin (LTC) has been trading sideways between $61 and $68 since August 17. Last week, the cryptocurrency reached a low of $60 before consolidating above the current support level and recovering.
Long-term Forecast of Litecoin Price: Fluctuation Range
The altcoin briefly rose above the moving average lines, reaching a high of $66, but was immediately rejected and fell below the moving average lines. Currently, LTC is valued at $63 and the presence of doji candlesticks suggests that the horizontal trend may continue.
Litecoin Indicators Analysis
The moving average lines have remained horizontal since October 4. The price bars are converging above the current support level while staying below the moving average lines. This has caused the LTC price to stagnate within a limited range.
Technical Indicators
Resistance levels for LTC/USD are at $100, $120, and $140, while support levels are at $60, $40, and $20.
What is the Next Move for Litecoin?
LTC/USD is expected to continue trading horizontally until the boundaries of the current range are broken. The extended candle from October 16 indicates strong short-term selling pressure at higher price levels. The uptrend is limited to $64.
On October 2, Litecoin was dumped at a high of $68 as buyers failed to maintain upward momentum above the $68 resistance level. If the altcoin falls below the moving average lines, further price decline is expected.
Hot Take: Litecoin’s Sideways Movement Persists with Limited Range
Litecoin (LTC) has been stuck in a sideways movement between $61 and $68 since August 17. Despite briefly reaching a high of $66, the altcoin was quickly rejected and fell below the moving average lines. Currently valued at $63, LTC’s price is being affected by the presence of doji candlesticks, suggesting that the horizontal trend may continue. Technical indicators show resistance levels at $100, $120, and $140, with support levels at $60, $40, and $20. Until the boundaries of the current range are broken, LTC/USD is expected to trade horizontally. However, strong short-term selling pressure is indicated by an extended candle from October 16, limiting the uptrend to $64.
By
By
By
By
By