Litecoin Price Analysis: Bears Break Critical Support Level
After the bears broke above the critical support level of $70, the price of Litecoin (LTC) has fallen.
Long-term Outlook for Litecoin Price: Ranging
Bulls bought the dips and pushed the price back to the $70 level, which has been a strong support level for Litecoin since February 24.
- If buyers can keep the price above the moving average lines, Litecoin will continue its positive trend, potentially reaching a high of $89.
- However, if buyers fail to hold the moving average lines, Litecoin may trade between the $67 support level and the moving averages, currently valued at $73.
Analysis of Litecoin Indicators
The price of Litecoin has been on a steady decline, with bulls buying the dips three times to support the cryptocurrency. Extended candlestick tails indicate strong buying pressure at lower prices.
Technical Indicators
- Resistance levels: $100, $120, $140
- Support levels: $60, $40, $20
Future Projections for Litecoin
Despite falling to the lowest point on the charts at $67, Litecoin is showing signs of correction and potential upwards trend. The price bars above the moving average lines suggest a possible bullish momentum.
Hot Take: A Quick Look at Litecoin’s Current State
Litecoin’s price has taken a hit as bears broke the critical $70 support level. Bulls are pushing back, but the altcoin is still struggling to maintain a positive trend.
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