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The price of Litecoin (LTC) has fallen after the bears broke above the critical support level of $70.
Long-term Litecoin price prediction: ranging
Bulls bought the dips, causing the price to hit the $70 level again. The $70 support level has held as Litecoin has corrected higher since February 24.
If buyers keep the price above the moving average lines, Litecoin will resume its positive trend. The upside momentum will extend to a high of $89. However, if buyers are pushed back from the moving average lines, Litecoin will be forced to trade between the $67 support and the moving average lines. At this point, the altcoin is worth $73.
Litecoin indicator analysis
Litecoin's price has been steadily declining. The bulls have bought the dips three times while the cryptocurrency has lost value. On the downside, extended candlestick tails indicate significant buying pressure at lower prices.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What's the next move for Litecoin
Litecoin has fallen to the bottom of the charts. The cryptocurrency fell to a low of $67 as bulls bought the dips. On the 4-hour chart, the altcoin is correcting higher after a price rally. The price bars above the moving average lines signal that the cryptocurrency could be trending upwards.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.