Litecoin Price Update: Analyzing the Recent Price Drop
In the cryptocurrency market, the price of Litecoin (LTC) has recently experienced a significant drop, falling below the moving average lines after the price decrease on June 7. Let’s delve into a closer look at the long-term prediction of the Litecoin price and analyze the current indicators to determine the next potential move for Litecoin.
Long-term Prediction of the Litecoin Price: in range
Since May 20, the price of Litecoin has struggled to maintain above the moving average lines due to resistance at $89. The recent price drop on June 7 pushed the cryptocurrency well below its moving average lines, reaching a low of $75 before bouncing back. Currently, Litecoin is trading in a range of $73 to $89 per coin, with potential further downside if the current support level is breached.
Analysis of the Litecoin Indicators
Following the recent price drop, Litecoin’s price bars have dipped below the moving average lines, indicating a bearish trend. Both the four-hour and daily charts show a bearish crossover, with the 21-day Simple Moving Average (SMA) potentially falling below the 50-day SMA. The moving average lines are trending downwards in a sideways pattern.
Technical Indicators
- Resistance levels: $100, $120, $140
- Support levels: $60, $40, $20
What is the Next Move for Litecoin?
Currently, Litecoin is in a downward spiral, approaching the critical support level of $75. While the altcoin briefly dropped to $75 on June 7, it saw a slight rebound before being rejected at $80. The price has once again fallen and is hovering around the $75 support level. The recent price action suggests uncertainty in Litecoin’s future price movement.
Last week, it was reported that Litecoin had fallen to a low of $81 before recovering. The cryptocurrency’s price has been fluctuating within the moving average lines, indicating a period of consolidation and uncertainty.
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