Litecoin Price Continues To Move Within Its Previous Trading Range

The latest price analysis by Coinidol.com report, the price of Litecoin (LTC) has returned to a zone between $58 and $70.

Long-term forecast for the Litecoin price: bullish

The upward momentum was stopped on October 24, when it reached a high of $72. The strong selling pressure caused the cryptocurrency asset to be rejected at higher price points. Currently, the price of LTC/USD is moving within its small range. At the time of writing, Litecoin was trading at $69. 

Today, October 31, LTC is backing down and retesting the $70 level. The presence of doji candlesticks and resistance at $70 have slowed the upward movement. Extended candlesticks indicate strong selling pressure at higher prices. On a breakout, a rally to the $86 high is conceivable. In the meantime, the current trading range will hold unless the bulls are able to break the recent high.

Litecoin indicators analysis

LTC price bars are dominated by doji candlesticks. Doji candlesticks indicate how traders assess the direction of the market. Litecoin’s moving average lines remain flat as it continues to trade within a range.

Technical indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What is the next move for Litecoin?

After the breakout on October 24, Litecoin fell and continued its uptrend, retesting the $70 resistance level. The current resistance level has been tested repeatedly. LTC is trading slightly higher while retesting the recent high. If the resistance is retested, the cryptocurrency will fall back into the range zone.

On October 25, 2023 cryptocurrency analytics specialists of Coinidol.com stated that LTC’s upward momentum has proven resilient and the price has returned to the range zone in the meantime. Today, the altcoin reached a high of $72.78 before reversing. 

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