The Price of Litecoin (LTC) Resumes Uptrend Above $70 Resistance
The price of Litecoin (LTC) has once again shown upward momentum and has risen above the moving average lines and resistance at $70. Currently, the altcoin is trading at around $69.
Litecoin Price Long-Term Forecast: Bullish
LTC’s upward momentum has proven to be resilient as it returns to the range zone. Despite reaching a high of $72.78, the price has since reversed. However, if buyers can keep the price above the $70 resistance level, Litecoin is likely to rise to a high of $85. On the other hand, rejection at the recent high would force the coin to move within the trading range between $58 and $70.
Litecoin Indicators Analysis
Following the recent price increase, LTC price bars are now above the moving average lines. As long as these price bars remain above the moving average lines, Litecoin will continue to rise. However, despite the price increase, the moving average lines remain horizontally flat. The overall price movement of the coin is limited by Doji candlesticks.
Technical Indicators
The resistance levels for Litecoin are $100, $120, and $140 while support levels are at $60, $40, and $20.
What is the Next Step for Litecoin?
The uptrend for Litecoin continues despite facing resistance at $70. If buyers can maintain a price above this level, then we can expect the positive trend to resume with potential future price increases. However, if this momentum is invalidated, then bears will push Litecoin into a rangebound zone.
Source: Coinidol
Hot Take: Litecoin’s Resilient Uptrend
The price of Litecoin (LTC) has demonstrated its resilience by resuming its uptrend and surpassing the $70 resistance level. Despite facing some resistance, the altcoin has the potential for further price increases if it can stay above this level. However, if the momentum is disrupted, Litecoin may be pushed into a rangebound zone. Traders and investors should closely monitor the price movements and key levels to make informed decisions.
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