Litecoin price analysis by Coinidol.com on February 1, 2024
Litecoin price long-term forecast: ranging
The price of Litecoin (LTC) has been in a sideways trend since the end of the decline on August 17, 2023. The decline slowed above the $64 support. Litecoin has traded in a range of $60 to $70 over the past five months.
Nevertheless, the price trend remained unchanged in January 2024. Since the price drop on January 3, Litecoin has been trading below its moving average lines. The moving average lines have limited the upside. Litecoin is currently worth $66. The 21-day SMA has capped today’s upside moves. The altcoin will continue to fall and make a low above the $60 support. However, if the bears break the $60 support, the altcoin will return to the previous low of $56 or $53.
Analysis of the Litecoin indicators
The LTC price bars are below the horizontal moving average lines. On the 4-hour chart, the price bars are between the moving average lines, indicating a likely range-bound move for Litecoin. Doji candlesticks, which have a small body and are indecisive, also characterize the price action.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What is the next move for Litecoin
Litecoin is currently trading below the moving averages. It is currently selling in the $60 to $70 price range. If the price of the cryptocurrency breaks out of its range, the altcoin will trend. Currently, the sideways trend is continuing below the moving average lines.
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-maintains-its-horizontal/
