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The price of Litecoin (LTC) rises above the moving average lines after being caught by them.
Long-term outlook for Litecoin price: bullish
Since the price drop on January 3, 2024, bulls and bears have been at odds over the direction of the market. Four times, buyers have failed to maintain their upward momentum above the moving average lines. The cryptocurrency is being rejected at higher prices than the moving average lines.
Today, Litecoin is trading at $70.03, above the moving average lines. On the upside, Litecoin will rise to previous highs of $74 and $76, but could be rejected. If Litecoin fails to reach its previous highs, it will find support above the 21-day SMA.
Analysis of the Litecoin indicators
The price bars that were previously trapped between the moving average lines have broken above them. The cryptocurrency value has the potential to rise to previous highs. The moving average lines have been horizontal for months due to the sideways trend.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What's next for Litecoin?
Litecoin has been moving sideways between $64 and $74 since Jan. 1. Resistance at $74 has halted the uptrend since Jan. 1. Neither bulls nor bears have an advantage as long as the altcoin moves within a certain range. Doji candlesticks have been used to indicate price changes.
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.