Litecoin Price Analysis: Will LTC Face Further Rejection at $78?
The price of Litecoin (LTC) has seen an increase but may encounter resistance at $78, according to recent analysis.
Long-term Litecoin Price Prediction: In the Range
On December 12, LTC reached a price of $72.74. However, the upward momentum has been halted at the $76 resistance level since November 9. The cryptocurrency experienced a dip below the $70 support level on December 11, but if it falls further, a range between $70 and $76 is expected. Currently, it is continuing its decline towards the previous low of $60.
If the bears break the current support at $70 or fall below the moving average lines, the market will return to its previous rangebound zone. For now, expect Litecoin’s price to remain steady within the range of $70 and $76.
Analysing the Litecoin Indicators
The LTC price bars have consistently remained above the horizontal moving average lines. Since December 1, the altcoin has been rising and staying above these lines. However, recent indicators on the 4-hour chart show a decline below the moving average.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What Is Next for Litecoin?
LTC has risen above its current support level of $70. If this support holds, we can expect the market to continue moving between $70 and $76. There is potential for a further rise as Litecoin may retest resistance at $76. However, if the current support is broken, we can anticipate a retracement towards the previous low of $60.
On December 1, it was reported that Litecoin’s price broke above the moving average lines, reaching a high of $74 before retracing.
Hot Take: Litecoin’s Price Faces Resistance at $78
Litecoin’s price has experienced an increase but is likely to face further rejection at the $78 level. Despite remaining above the moving average lines, there is a recent decline indicated on the 4-hour chart. If the current support at $70 holds, the market will continue within the range of $70 and $76. However, if this support is broken, expect a retracement towards the previous low of $60. Overall, Litecoin’s future movement remains uncertain and highly dependent on key resistance and support levels.
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