Litecoin Maintains Its Horizontal Trend And Remains Below $64

The latest price analysis by Coinidol.com report, Litecoin (LTC) is trading in a horizontal trend above the $62 support level.

Long-term forecast of Litecoin price: bearish

The 21-day line SMA has slowed down the uptrend. Since the beginning of the decline, the 21-day line SMA has served as a resistance line. On August 29, Litecoin rallied and was rejected by the 21-day line SMA at a high of $70. The rejection led to a low of $61. Today, LTC/USD is consolidating in a narrow range between $61 and $64 in a horizontal trend.

If this range is broken, the cryptocurrency value will transition into a trend. In other words: When the price of an altcoin rises again, it will break the 21-day line SMA. The bullish momentum will extend to the 50-day line SMA. Once the price crosses the 50-day line SMA, the uptrend will begin. A price breakout, on the other hand, indicates the resumption of a downtrend. The altcoin will fall back to its previous low of $53.

Litecoin indicators analysis

The price of Litecoin has remained stable at the 32 level of the Relative Strength Index of period 14. The altcoin is still in a downtrend but has reached bearish exhaustion. The market has continued to fall as the price bars have remained below the moving average lines. Bearish momentum has stalled below the daily stochastic reading of 80.

Technical Indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What’s next for Litecoin?

The horizontal trend will continue as long as doji candlesticks dominate the market action. LTC price is currently returning to the lower price range after stalling at $64. The speed of the decline has slowed down.

As we reported on August 30, The bullish momentum was not able to break the resistance at $70 or the 21-day line SMA. If the current resistance is broken, the altcoin will rise above 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.

Source: Read Full Article