Litecoin Holds At $64 With Restrictions
The latest price analysis by Coinidol.com report, Litecoin (LTC) price is still moving horizontally above the $62 support.
Long-term forecast of the Litecoin price: fluctuation range
The altcoin has not advanced since September 1 as its price remains between $61 and $64. It is currently trapped between the moving average lines. The cryptocurrency’s price is steady at $64 at the time of writing. The doji candlesticks have restricted the price movement. When the moving average lines are crossed, Litecoin will enter a trend. For example, a price rise above $64 will drive the altcoin above the moving average lines. The upward momentum will build up to a high of $80.00. A breakout would push the altcoin back to its previous lows of $57 and $57. In the meantime, the LTC price is trapped between the moving average lines.
Litecoin indicator analysis
Litecoin is in a bearish trend as it is trapped between the moving average lines. The Relative Strength Index for period 14 is at 47, and it is likely that it will continue to fall. The market will be forced to trade in a range as Litecoin is trapped between the moving average lines. The bullish momentum has stalled above the 70 level of the daily stochastic.
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What is the next move for Litecoin?
The cryptocurrency value is expected to remain in a trading range above the existing support. To some extent, the doji candlestick will dictate the price movement. A price recovery or breakout, on the other hand, will lead the cryptocurrency into a trend.
As we reported on September 16, the 21-day line SMA or the barrier at $64 has been holding up the higher moves. At the time of writing, the cryptocurrency’s price is at $63.
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