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Cryptocurrency analysts of Coinidol.com report, Litecoin ($LTC) price is moving sideways above $61 support.
Long-term forecast of the Litecoin price: fluctuation range
The 21-day line SMA or the barrier at $64 has been holding up the higher moves. At the time of writing, the cryptocurrency's price is at $63. Recently, the doji candlesticks have slowed down the price movement. The price of the altcoin fluctuates only slightly between $61 and $65. If Litecoin comes under selling pressure or additional limits are placed on the upward movement, the cryptocurrency will fall. For example, the altcoin will fall to its previous low of $53 if the bears break the current support. The altcoin is already overbought, so a higher move is unlikely.
Litecoin indicator analysis
After the upward correction, the Relative Strength Index of period 14 has risen to the value of 43. $LTC is still in a downtrend zone. The price bar is currently facing or retesting the 21-day line SMA, which will lead to a downward price slump. Litecoin is gaining momentum above the stochastic threshold of 89 on the daily basis. The $LTC price is overbought and could soon come under selling pressure.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What is the next move for Litecoin?
The price decline on August 17 has put Litecoin in a fluctuation range. The price is moving within a range and gradually approaching the previous low of $53. The downtrend could intensify if the cryptocurrency is rejected at the 21-day SMMA.
As we reported on September 08, the 21-day line SMA has slowed down the uptrend. Since the beginning of the decline, the 21-day line SMA has served as a resistance line.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.