The price of Litecoin (LTC) is moving sideways, but is above the moving average lines
The current value of the cryptocurrency is $70.83. Resistance at $74 and $76 has hindered the price’s upward movement since January 3, 2024.
On the downside, the bulls have successfully defended the support level of $64. In other words, the Litecoin price has remained reasonably stable between $64 and $74 since January 2024. Litecoin will develop a trend when it breaks its ranges.
If buyers break through resistance at $74, the market will rise to recent highs of $76 and $80. If the altcoin loses support at $64, Litecoin would fall to its previous low of $60.
Analysis of the Litecoin indicators
Litecoin price bars are above the moving average lines, indicating that the bulls have bought the dips. The altcoin has the potential to return to its previous highs. On February 13, Litecoin was rejected at a high of $73, resulting in a dip between the moving average lines. The horizontal moving average lines now represent a sideways trend.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s the next move for Litecoin
Over the past month, Litecoin has traded between $64 and $74. The altcoin has not moved since January 3, 2024. Neither the bulls nor the bears have broken the range, and the cryptocurrency remains trapped between the ranges. In the meantime, Litecoin has the potential to rise as it is above the moving averages.
On February 15, it was reported that Litecoin was trading at $70.03, above the moving average lines. It was predicted that on the upside, Litecoin will rise to previous highs of $74 and $76, but could be rejected.
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