Litecoin Price Analysis: Sideways Trend Continues
The price of Litecoin (LTC) has entered a sideways trend after dropping below the moving average lines, according to cryptocurrency analysts. On October 2, LTC was dumped at $68 as buyers struggled to sustain upward momentum above the $68 resistance level. The altcoin is currently stuck between the $61 and $68 range, with indications pointing to a further decline towards $60. This drop will bring LTC closer to its previous low of $0.53, which was recorded on August 17.
Litecoin Indicator Analysis
The current horizontal slope of the moving average lines suggests a sideways trend for Litecoin. As long as the price bars remain below these lines, the cryptocurrency is likely to continue its decline. Additionally, LTC is currently trading in an oversold area of the market, which further supports the possibility of a downward movement.
Technical Indicators
Resistance levels for LTC are set at $100, $120, and $140, while support levels can be found at $60, $40, and $20.
What’s Next for Litecoin?
LTC’s price is expected to remain within its limited range and potentially reach a lower price range. If bears break this lower range, the market could fall further and reach its previous low of $0.53. It’s worth noting that on October 3, cryptocurrency analytics specialists highlighted that the resistance zone of $70 has halted LTC’s rising movement since August 29.
Litecoin’s price has been unable to break through the resistance zone of $70, despite multiple attempts. This has resulted in a sideways trend for the cryptocurrency, with indications pointing towards a further decline. If the bears manage to break the lower price range, LTC could reach its previous low of $0.53. Traders and investors should closely monitor these key levels and technical indicators to make informed decisions about their Litecoin holdings.
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