Litecoin Gains, But Cannot Exceed $92

Cryptocurrency analysts of Coinidol.com report, Litecoin (LTC) price has been rising since June 15.

Long-term forecast for the Litecoin price: bullish

The cryptocurrency’s price was held at the $92 resistance level. The altcoin rose to a high of $93.88 before collapsing. In anticipation of future gains, the cryptocurrency value has retreated above the moving average lines.

At the time of writing, the altcoin is worth $88.07. On the positive side, buyers have had a hard time breaking the $100 resistance zone. If the resistance zone is tested again, the cryptocurrency will be pushed above the moving average lines.

If the altcoin falls back below the moving average lines, the downtrend will resume. The downward momentum will continue until the previous low of $72 is reached. In the meantime, LTC is trading sideways but remains above the moving average lines.

Litecoin indicator analysis

Litecoin’s price has returned above the moving average lines. For the period 14, it is at a Relative Strength Index of 57. The cryptocurrency has the advantage of rising in a favorable trend. The price bars are also above the moving average lines, indicating a possible uptrend. The altcoin is currently trading above level 25 of the daily stochastic.

Technical indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What is the next move for Litecoin?

Litecoin has completed a retracement and is currently trading above the moving average lines. It is likely that the altcoin will regain its previous highs. The cryptocurrency has been trading sideways as buyers have been unable to keep the price above the overhead resistance at $100. Litecoin is currently on the upswing to regain its previous highs.

On Jun 20, 2023, Coinidol.com reported that: On June 10, the altcoin fell to a low of $71, but bulls took advantage of the dips. The altcoin tried to resume its uptrend but met 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.com. Readers should do their own research before investing in funds.

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