Litecoin Price Corrects Upwards
Litecoin (LTC) has experienced an upward correction after being stuck between moving average lines. The cryptocurrency’s price broke above the moving average lines on December 1, reaching a high of $74 before retracing. However, it encountered strong resistance at higher price levels.
Long-Term Prediction for Litecoin Price
If the bears manage to break through the $70 support level, Litecoin would fall back into the previous fluctuation zone between $60 and $70. On the other hand, if Litecoin remains above the moving average lines, it will retest the previous highs.
Since the end of the downtrend, Litecoin has been trading modestly at the bottom of the chart.
Analysis of Litecoin Indicators
The value of Litecoin is currently trending sideways, resulting in limited movement for the altcoin. The moving average lines have remained horizontal, indicating a sideways trend. The price bars are moving both below and above the moving average lines.
Technical Indicators
Resistance levels for Litecoin are at $100, $120, and $140, while support levels are at $60, $40, and $20.
What’s Next for Litecoin?
If Litecoin fails to break through the $76 resistance level, it will continue to move sideways. However, if it finds support above the moving average lines or at the low of $72, it will continue to trade sideways but with a potential for rising prices. The cryptocurrency will need to break through resistance levels in order to retest previous highs.
In November 28 report by CoinIdol.com, it was noted that LTC was trapped between moving average lines and its price movement was limited by the presence of doji candlesticks.
Hot Take: Litecoin’s Price Correction Signals Potential for Further Growth
Despite encountering resistance at higher price levels, Litecoin’s upward correction suggests that there is potential for further growth. If Litecoin manages to remain above the moving average lines and break through resistance levels, it may retest previous highs. However, if it fails to gain momentum, it will likely continue to trade sideways. The next move for Litecoin depends on its ability to overcome key resistance levels and maintain support above the moving average lines.
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