Litecoin Resumes Bullish Surge above $72

Litecoin (LTC) has declined and is now close to the October 10 price level of $71.

Litecoin price long-term prediction: bearish

After reaching a low of $72, the cryptocurrency has begun a range-bound ascent above the current support. The price is trading above the $72 support but remains below the moving average lines. It is rising as it approaches the 21-day SMA. If buyers sustain the price above the 21-day SMA, the altcoin is expected to move towards the 50-day SMA, or $85.

However, if the altcoin falls below the 21-day SMA, it will continue to trade within the range above the $72 support. If the current support is breached, the altcoin could decline to a low of $68.

Technical Indicators

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  Resistance Levels: $100, $120, $140

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  Support Levels: $60, $40, $20

LTC price indicator analysis

The LTC price is rising towards the downward-sloping moving average lines. The price has retested the 21-day SMA three times but was rejected each time. Litecoin’s value is likely to decrease with each rejection. On the 4-hour chart, the price bars are above the horizontal moving average lines, suggesting the price may continue to rise while remaining above these lines.

What is the next move for LTC?

Litecoin’s decline above the $72 support level has halted since December 18. The altcoin has since continued to rise, reaching a high of $78. On the upside, the upward movement is expected to face resistance at the $80 level. In previous price movements, the LTC price has encountered rejection at its recent high.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.