Litecoin Price Analysis: Bearish Outlook for LTC
Litecoin (LTC) price has fallen below the moving average lines but is finding support above the 50-day SMA or the $77 low. Hereโs an analysis of the current LTC price and indicators.
Long-term Outlook for Litecoin Price: Bearish
The cryptocurrency is currently trading above the 50-day SMA but below the 21-day SMA. The bulls have halted the price slide above the 50-day SMA but could not sustain their bullish momentum above the 21-day SMA. The current LTC price stands at $85.48.
The cryptocurrency is rising as it reaches the 21-day moving average. If the buyers are successful, the altcoin will rise above the 21-day SMA and reach its previous highs of $94 and $105 respectively. However, if the bears take advantage and breach the 50-day SMA, the altcoin will fall to a low of $70.
Analysis of Litecoin Indicators
Litecoin has been between the moving averages since March 19, 2024. This means that the altcoin will resume its fluctuation for a few days. Nevertheless, neither the bulls nor the bears have managed to surpass the 21- or 50-day SMAs. On the 4-hour chart, the price bars have dropped below the moving average lines, indicating a downtrend.
Technical Indicators
- Resistance levels: $100, $120, $140
- Support levels: $60, $40, $20
Whatโs Next for Litecoin?
LTCโs slide has slowed above $77 as it resumes its uptrend. Nevertheless, the 21-day SMA or resistance at $85 has halted the uptrend. The altcoin will continue its trend after breaking the moving average lines. In the meantime, Litecoin will continue to fluctuate within a range.
Hot Take: Litecoin Price Analysis
Litecoin (LTC) price has experienced a bearish outlook as it falls below the moving average lines. Although there is support above the 50-day SMA, the altcoin is struggling to maintain bullish momentum above the 21-day SMA. The current LTC price stands at $85.48.
If buyers are successful, Litecoin may rise above the 21-day SMA and reach previous highs of $94 and $105. However, if bears take control and breach the 50-day SMA, the altcoin could drop to a low of $70.
Technical indicators show that Litecoin has been fluctuating between moving averages since March 19, 2024. The price bars on the 4-hour chart have dropped below the moving average lines, indicating a downtrend.
To support LTCโs recovery, resistance levels at $100, $120, and $140 need to be overcome. On the other hand, support levels at $60, $40, and $20 can provide stability in case of further price drops.
In summary, Litecoinโs price analysis suggests a bearish outlook in the long-term. Traders should monitor whether LTC can break through the moving average lines and sustain an uptrend.
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