The price of Litecoin (LTC) has fallen since its high of $79. Cryptocurrency price analysis on December 19, by Coinidol.com.
Long-term outlook for Litecoin price: bearish
Litecoin buyers have been unable to maintain positive momentum above the $80 barrier, leading to the decline.
Today, December 19, the bearish momentum fell below the moving average lines, leading to a low of $68. The bulls bought the dips as Litecoin hit a high of $71.
On December 18, the extended candlestick tail signalled significant buying at lower price levels. A further decline on the downside is unlikely. On a positive note, the price movement was limited to a high of $72. Litecoin is now trading in a small range between $70 and $76. If the cryptocurrency loses the current support at $70, it will fall back to its previous range of $60 to $70.
Litecoin indicator analysis
After the recent dip, LTC price bars have fallen below the moving average lines. This indicates a further decline in the cryptocurrency.
However, the altcoin’s downtrend has slowed down as it corrects upwards. The moving average lines are sloping upwards, indicating that the previous trend is still in place.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s next for Litecoin?
Litecoin has entered the downtrend zone but is still trading within its range, below the moving average lines. Litecoin has retraced and reversed on the 4-hour chart after reaching the $68 support. The downtrend has broken through the $68 support. Litecoin will continue to rise if it breaks above the $72 resistance level.
As Coinidol.com reported last week, on December 12, the price of LTC reached $72.74. Since November 9, resistance at $76 has halted the uptrend.
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: https://coinidol.com/litecoin-recovers-above-70/