Litecoin Recovers, But Cannot Overcome The $82 Hurdle

Litecoin (LTC) price is back in the uptrend after today’s rise to a high of $82.45 for the cryptocurrency asset.

Long-term forecast of the Litecoin price: bearish

The overbought area of the market has prevented the upward momentum from continuing. The altcoin is also retesting the resistance level from January 18. The price level could fall if buyers are not able to overcome the $82 level. At the moment, Litecoin has fallen back above the $80 level, but if it rises, it could climb above the resistance and moving average lines. LTC will then trade back at its previous highs of $96 and $101. On the other hand, if the price of the cryptocurrency fails to break the resistance line, the market will fall to a low of $72. 

Litecoin indicators analysis

Litecoin is still in the downtrend zone despite the price increase. It is at level 42 of the Relative Strength Index for the period 14. The price has dropped as the price bars are now below the moving average line. Litecoin is now losing value due to the overbought condition of the market. Level 80 of the daily stochastic is higher than the LTC price. At the moment, the altcoin is declining.

Technical indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next step for Litecoin?

After reaching an all-time high of $82, Litecoin is still in the downtrend zone. The rise has come to an end as the market is overbought. The altcoin will be forced to trade in a range that is limited by the moving average lines. The altcoin will be forced to trade in a range determined by the moving average lines if the price of the cryptocurrency falls below the 50-day simple moving average (SMA). However, the uptrend will return if it goes back above the 50-day line SMA.

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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