Litecoin Price Analysis: Current Market Outlook
The price of Litecoin (LTC) is currently in a sideways trend and experiencing a price rally. Let’s dive into an analysis of the current market dynamics for Litecoin.
Litecoin Price Long Term Prediction: Ranging
– On May 20, the price of Litecoin broke above the moving average lines and reached a high of $89, marking a significant breakout from the range defined by the $73 support level and the moving averages.
– Despite the bullish momentum, a strong rejection at the recent high hindered further upside movement. However, Litecoin has managed to pull back above the 50-day SMA, suggesting a potential uptrend ahead.
- If Litecoin recovers above the 50-day SMA, it could breach the $89 resistance level and aim for previous highs at $94 and $106.
- Conversely, a bearish break below the 50-day SMA support could lead to a decline towards the current support level of $79.
Analysing the Litecoin Indicators
– The LTC price bars have surged above the moving average lines post a rejection at the $89 high, indicating a positive momentum shift.
– With the price retracing above the 50-day SMA support, Litecoin is poised for further upside if the support holds. However, a break below this level could bring the altcoin back into its previous trading range.
What is the Next Move for Litecoin?
– On the 4-hour chart, Litecoin has dipped below the moving average lines, showcasing a temporary decrease in selling pressure.
– The cryptocurrency’s price movement within the moving averages on the 4-hour chart hints at a potential trend formation, with doji candlesticks limiting price fluctuations.
By
By
By
By
By