The price of Litecoin (LTC) has crossed the moving average lines, signaling a rise.
Long-term forecast for the Litecoin price: bullish
The price of the cryptocurrency is rising while trying to maintain its position above the moving average lines. At the time of publication, the price was at $89.49. There is a potential for a significant price increase if the bullish momentum is maintained above the moving average lines. During the March 24 bounce, a retraced candlestick tested the 61.8% Fibonacci retracement line. According to the retracement, LTC will rise to the $107.59 level or the 1.618 Fibonacci extension level. Due to the price fluctuation, Litecoin is still trapped between the moving average lines. The uptrend needs to break the 50-day line SMA to continue.
Litecoin indicator analysis
Litecoin is at level 52 in the Relative Strength Index for the 14 period. The cryptocurrency asset is in a bullish trend zone and could rise significantly further. The cryptocurrency is locked in the area between the moving average lines. Litecoin will start to move near it when it is still stuck. The rising movement will resume once it crosses the 50-day line SMA. It is currently rising above the 40-day daily stochastic line.
Technical indicators
Resistance levels: $140, $180, $220
Support levels: $100, $60, $20
What is the next move for Litecoin?
As Litecoin rises, resistance could be found at its recent high of $90 or the 50-day line SMA. The uptrend could end if the bulls fail to break the recent high. If the bulls overcome the recent high, Litecoin will reach a high of $107 as its value rises. In the meantime. Litecoin’s current price is between 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. Readers should do their own research before investing in funds.
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- Source: https://coinidol.com/litecoin-resistance-90/