Litecoin’s (LTC) uptrend comes to a halt as it approaches the $105 resistance level.
Long-term forecast for the Litecoin price: bullish
The cryptocurrency value has retraced above its breakout level of $94. The current rise will resume if the $94 support level is maintained. This means Litecoin will rise and break through resistance at $105. A break above the $105 barrier will allow the altcoin to continue its uptrend. Moreover, the altcoin will test its previous high of $122.
Coinidol.com analysts report that on the downside, the current upswing could come to an end if the $94 breakout level is breached. Litecoin will then fall further above the 21-day SMA or the low at $83. At the time of writing, Litecoin is trading at $96.36.
Analysis of Litecoin indicators
After the recent drop, the price bars are above the moving average lines. Litecoin has the advantage of resuming its positive trend while remaining above the moving average lines. The moving average lines have crossed in a bullish pattern. This means that the 21-day SMA is crossing above the 50-day SMA, signaling an uptrend.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s the next move for Litecoin
Litecoin has resumed its uptrend and is holding above the $94 support level. Buyers are having a hard time overcoming resistance at $105. If the buyers succeed, the altcoin will reach new highs. However, if the bulls fail to break through the $105 resistance, the altcoin will be forced into a trading range that rises above $94 and the $105 resistance.
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.
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- Source: https://coinidol.com/litecoin-holds-above-94/
