The price of Litecoin (LTC) has broken out above the moving average lines. The cryptocurrency rose to a high of $59.33 and then fell back.
On June 25, the altcoin was bounced off the same $59.75 resistance and fell to a low of $47.19. If the altcoin falls back above the moving average lines, the uptrend will resume. A break above the $59.33 resistance will catapult the altcoin to the high of $69.81. If the altcoin falls back below the moving average lines, it will drop back to its previous low of $47.19. Nonetheless, the current uptrend is likely to be rejected as the market reaches the oversold zone. Meanwhile, LTC/USD is trading at $56.59 as of press time.
Litecoin indicator analysis
Litecoin has fallen to level 57 on the Relative Strength Index for period 14. The altcoin is in the uptrend zone and is capable of further upward movement. Litecoin is above the 80% area of the daily stochastic. The cryptocurrency is in the overbought region of the market. As a result, the altcoin might decline. The price of the cryptocurrency is above the moving average lines, which indicate that the cryptocurrency will continue to rise.
Technical Indicators:
Resistance Levels: $140, $180, $220
Support Levels: $100, $60, $20
What is the next move for Litecoin?
Litecoin has regained its upward momentum after the price rose above the moving average lines. The cryptocurrency’s uptrend is encountering resistance at $59.33. The market’s upward movement depends on breaking the recent high at $59.
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 funds.
Source: https://coinidol.com/litecoin-upside-momentum/