Litecoin’s Price Decline
The price of Litecoin (LTC) has been on a decline since reaching $76 and falling below the 21-day SMA but remaining above the 50-day SMA.
Litecoin’s Long-term Forecast
Litecoin has been trapped between moving average lines, falling back to the previous range of $60 to $70. If the bears break the 50-day SMA, the downward momentum is expected to continue, and the price could fall further to around $60 or $54. The presence of doji candlesticks has limited the price movement, but if the bearish scenario doesn’t pan out, the trend will continue within the trading range.
Litecoin’s Indicators Analysis
The moving average lines are horizontally sloped and capture the price bars between them, indicating potential range of fluctuation. Long candlestick tails suggest a breakout above the $60 support, indicating significant buying pressure.
Litecoin’s Technical Indicators
Resistance levels: $100, $120. Support levels: $60, $40.
What’s Next for Litecoin
Litecoin is currently moving sideways between the moving average lines, within the $60 to $70 range. This movement is expected to continue for a few more days after peaking at $76 on November 4.
Hot Take: Litecoin’s Price Heading Downward
As the price of Litecoin continues to decline, it remains trapped within a range of $60 to $70. If the current bearish momentum persists, the price is expected to fall to around $60 or even to $54. However, if the bearish scenario doesn’t materialize, the altcoin will continue to move within the current trading range. The presence of long candlestick tails suggests the potential for a breakout above the $60 support, indicating substantial buying pressure. With the moving average lines indicating a potential range of fluctuation, the future trajectory of Litecoin remains uncertain.
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