Litecoin Continues The Bullish Rise Above $120

Litecoin (LTC) has fallen after reaching the $130 mark.

Litecoin price long-term prediction: bullish

The price of LTC has been trading sideways since breaking the uptrend at a high of $147. However, the current uptrend was broken at a high of $133, indicating that the altcoin could fall to the downside. Litecoin has been trading between the $80 support and the $140 resistance level. Currently, the price movement is limited to below $130.

On the downside, Litecoin is bearish and approaching the 21-day SMA support. If the 21-day SMA support holds, the altcoin will retest its previous high of $133. If the bears break the 21-day SMA support, Litecoin will continue to fall to a low of $105 per coin.

LTC indicator analysis

The price bars have shifted above the 21-day SMA support. But if the bears break below the 21-day SMA support, Litecoin will fall. In this case, the altcoin's uptrend should resume if the 21-day SMA support holds. The moving average lines are trending upwards, indicating an uptrend.

Technical Indicators 

Resistance Levels: $100, $120, $140

Support Levels: $60, $40, $20

What's the next move for LTC?

On the daily chart, the bears are expected to break the 21-day SMA support and push the price to a low of $113. In the meantime, the altcoin is trading above the $117 support.

On August 9, Coinidol.com reported in the LTC price analysis that The bears pushed the price below the 21-day SMA support but the bulls bought the dips at $103.

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.