The Price of Litecoin Slips Back into Downtrend Zone
Litecoin (LTC) has fallen back into its previous range, indicating a downtrend. The moving average lines have been limiting upward movement since January 12.
Long-term Forecast for the Litecoin Price: Bearish
On January 12, strong selling pressure at the $76 overhead barrier caused LTC to drop. Currently valued at $68.13, Litecoin has returned to its usual price range of $60–$70. It is expected to fluctuate within this range until it resumes an uptrend.
Analysis of Litecoin Indicators
LTC’s price bars are now below the moving average lines after being rejected by them. However, the altcoin will attempt to break below these lines. The Doji candlesticks are limiting price fluctuations and causing the price to rise.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s the Next Move for Litecoin?
After being rejected at $76 resistance, Litecoin is currently trading in a limited range. It is above $66 but below the $72 level. To resume its uptrend, buyers need to break above the $72 resistance level and moving average lines.
Hot Take: Litecoin Faces Downtrend Challenges
LTC has slipped back into a downtrend zone as it struggles to break above resistance levels. With strong selling pressure at the overhead barrier and price bars below moving average lines, it remains uncertain when Litecoin will resume an uptrend. Traders and investors should closely monitor key support and resistance levels to determine future price movements.
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