Litecoin (LTC) price is in an upward correction after the price rose above the 21-day moving average line.
Long-term forecast of the Litecoin price: bearish
Nevertheless, the current rise could reach the 50-day line SMA or the $64 high. Further upward movement is doubtful as the altcoin reaches the overbought zone of the market.
On the upside, the altcoin could regain the $64 high if buyers maintain the bullish momentum above the moving average lines. However, the cryptocurrency will be forced to move sideways between the moving average lines if the LTC price fails to rise above the 50-day line. Today, LTC/USD is rising, reaching a high of $54.75 at the time of writing.
Litecoin Indicators Analysis
Due to the recent upward correction, Litecoin is at level 50 of Relative Strength for the period 14, which means that there is a balance between supply and demand. The price of the cryptocurrency has risen above the 21-day line SMA. This leads to the fact that the altcoin is in a rangebound movement between the moving average lines. The LTC price is in a bullish momentum as it is above the 60% area of the daily stochastic.
Technical Indicators:
Key resistance levels – $200 and $250
Key support levels – $100 and $50
What is the next move for Litecoin?
Litecoin has overcome the downtrend after falling to a low of $50.23. Currently, it is moving positively into the bullish trend zone. The current price movement is likely to push the altcoin to break the overriding resistance at $64 once again. Buyers have made three unsuccessful attempts to break the overriding resistance.
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. Readers should do their own research before investing in funds.
Source: https://coinidol.com/litecoin-breaks-through-resistance/