The price of Litecoin (LTC) is in an upward correction after rising above the moving average lines. Price analysis by Coinidol.com.
Long-term forecast for the Litecoin price: bullish
The bulls have broken above the moving average lines several times. However, the upward movement was slowed down by the resistance at $78. Today, the altcoin is rising, reaching a high of $82.
Litecoin is expected to be rejected as it reaches the overbought area of the market. Based on the price signal, the LTC price is forecast to reach a high of $84, but extended candlestick wicks indicate recent highs. This shows that there is significant selling pressure at higher prices.
Analysis of the Litecoin indicators
LTC price bars are rising to previous highs and remaining between moving average lines. Cryptocurrency price bars are trapped between the moving average lines. Cryptocurrency prices are expected to move between the moving average lines over the next few days.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40
What’s next for Litecoin?
On the 4-hour chart, Litecoin is in an uptrend as it has recovered from its recent dip. According to the price indicator, LTC will rise to the 2.0 Fibonacci extension at $84. Meanwhile, Litecoin continues its uptrend and reaches a high of $82.
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-continues-targets-84/
