Litecoin Shall Decline as It Retraces Above the Breakout Level of $64

Litecoin Shall Decline as It Retraces Above the Breakout Level of $64

November 8, 2022

Litecoin (LTC) price is moving within an uptrend zone, but the uptrend has proven resilient. The $64 breakout level is the area where support is likely to be found before the cryptocurrency falls.

On October 25, the LTC price made a comeback and surpassed the 50-day line SMA. Before falling, the altcoin rose to a high of $73. The upward movement that had taken place ended below the $73 resistance area. 

Litecoin is now trading in the area of a positive trend. Prior to the price recovery, the cryptocurrency’s price fluctuated between $54 and $58. On the positive side, the LTC price will overcome the resistance at $73 if it rises above the $54 support again. Now, the next barrier at $80 will be overcome. However, if the optimistic scenario proves to be wrong, the Litecoin price would fall back to the previous trading range between $54 and $58.

Litecoin indicator analysis

The LTC price rose on November 5 and reached an overbought zone with an RSI value of 79. According to the Relative Strength Index for period 14, Litecoin is currently at level 63. The price bars are moving above the average lines, indicating a potential rise in the price. The 20% zone of the daily stochastic is broken by the cryptocurrency, which is bearish.

Technical indicators 

Resistance Levels: $140, $180, $220

Support Levels: $100, $60, $20

What is the next move for Litecoin?

The price of the cryptocurrency has fallen below the moving average lines after being rejected from a recent high. Right now, Litecoin can only trade within a narrow range between the moving average lines. As the altcoin approaches the oversold zone, the current slide might slow down.

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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