The Litecoin Price Continues its Uptrend Above Moving Averages
The price of Litecoin (LTC) has experienced a strong rise followed by a slight fall on March 2. However, the altcoin is currently recovering from this decline and is trading above the moving average lines. The current price of LTC is $85.79.
If buyers are able to break through the resistance at $94.50, there is potential for the altcoin to reach a high of $122. For now, the LTC price remains in a trading range, with support at the 21-day SMA and resistance at $94.
Analysis of Litecoin Indicators
The LTC price bars are currently positioned above the moving average lines, despite briefly dipping below them. On the 4-hour chart, Litecoin is trapped between these moving average lines, resulting in a trading range. The presence of long candle tails on both charts suggests strong buying pressure at lower prices.
Technical Indicators
- Resistance levels: $100, $120, $140
- Support levels: $60, $40, $20
Whatโs Next for Litecoin?
As the price bars continue to rise above the moving average lines, Litecoin remains intact. It is currently trading between support at $76.50 and resistance at $95. If the altcoin successfully breaks through this resistance level, the upward correction will continue. Otherwise, it will remain within the defined range.
Hot Take: The Bullish Outlook for Litecoin
The current uptrend in Litecoinโs price indicates a bullish forecast for the altcoin. With strong buying pressure observed at lower prices and potential for a breakout above the resistance level, Litecoin has the potential to continue its upward trajectory. However, it is important to monitor the market closely for any significant changes in price and indicators.
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