Litecoin Is In A Tight Trading Range And Reaching Bearish Exhaustion

The Litecoin (LTC) price has been confined to a narrow range after the June 10 plunge.

Long-term forecast of the Litecoin price: bearish

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. LTC price fell again and retested the support level of $71. After testing the current support level twice, Litecoin resumed its uptrend.

The final price rise was stopped at the $80 resistance level. This gives the impression that the price of the crypto asset is fluctuating between $72 and $80. The resistance zone at $80 currently limits the upward movement. It is likely that the prices will continue to fall. If the current support at $71 is breached, the downtrend will resume. 

Litecoin indicator analysis

Litecoin is moving in a range at the 38 level of the Relative Strength Index for the period 14. The cryptocurrency value is in a bearish trend zone and may continue to fall. The reason for the decline is that the price bars remain below the moving average lines. As the cryptocurrency price fluctuates, the previous trend has come to an end.

Technical indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What is the next step for Litecoin?

Litecoin’s downtrend has reached its bearish exhaustion. The cryptocurrency asset is currently in a sideways trend. The altcoin was trading between $72 and $80 last week. Due to the presence of Doji candlesticks, the price movement was inhibited. Once these levels are broken, the market will start to move.

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-tight-trading-range/