The price of Litecoin (LTC) resumed its uptrend and rose above the moving average lines and resistance at $70.

Litecoin price long-term forecast: bullish

LTC’s upward momentum has proven resilient and the price has returned to the range zone in the meantime. Today, the altcoin reached a high of $72.78 before reversing. The LTC price was trading for $69 at the time of writing. 

The cryptocurrency’s price is bouncing below the $70 resistance level, but is within its range bound zone. Litecoin was trading between $58 and $70 in the last price movement. If buyers keep the price above the $70 resistance level, Litecoin will rise to a high of $85. The coin will be forced to move within the trading range if it is rejected at the recent high.

Litecoin Indicators Analysis

After the recent price increase, LTC price bars are above the moving average lines. The altcoin will rise as long as the price bars remain above the moving average lines. The moving average lines are horizontally flat despite the price increase. Doji candlesticks limit the overall price movement of the coin.

Technical Indicators

Resistance levels: $100, $120, $140
Support levels: $60, $40, $20

What is the next step for Litecoin

Litecoin’s uptrend has continued, although it is facing resistance at $70. If buyers keep the price above $70, the positive trend will resume. Price increases are possible in the future. However, if the momentum is invalidated, the bears will push the altcoin into the rangebound zone.

As Coinidol.com reported before, Litecoin has declined a week before, reaching a low of $60 on October 12. 

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-bounces-below-70/