Litecoin Reverts to Its Range above $50

Litecoin's (LTC) price has risen above the 21-day and 50-day moving averages.

Litecoin price long-term prediction: bullish

The positive momentum broke through resistance at $57 but did not reach previous highs. The upward movement was halted at the recent peak when the altcoin failed to reach its target price of $70.

Currently, the altcoin is retracing above the moving averages. If the altcoin retraces and holds above the 50-day SMA support, it will resume its upward trend. If the bears push the price below the moving average lines, the altcoin will return to its range above the $50 support.

Today, Litecoin is worth $55 and remains above the moving average lines.

Technical Indicators:

• Resistance Levels – $100, $120, $140

• Support Levels – $60, $40, $20

Litecoin indicators analysis

Currently, the cryptocurrency price is above the horizontal moving averages. Bears are attempting to push the price below the moving average lines, which would cause the cryptocurrency to decline further. On the 4-hour chart, the price bars have fallen below the horizontal moving average lines, indicating a downturn.

What is the next move for Litecoin?

Litecoin is reverting to its trading range above the $50 support level as bears attempt to push the price below the moving average lines. On the 4-hour chart, the price has already fallen below the moving average lines but remains above the $55 support. The cryptocurrency is now within its range and could remain there for a few more days.

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.