Litecoin Tends Sideways After Peaking At $76

The LTC price is moving back above the moving average lines and the $70 support for further upside.

Long-term forecast for Litecoin price: Bullish

The price of Litecoin (LTC) has been on the rise since November 4. The cryptocurrency has been trending sideways since its high of $76 on November 4. The altcoin is currently trading in a range between $70 and $76.

Today, Litecoin is in an uptrend, reaching a high of $72. On the upside, the altcoin will face resistance at the high of $76. Litecoin’s upward momentum will continue if it breaks through the $76 level. The market will rise to the $86 price level. Litecoin has been rejected three times in the past at the current high. On the downside, Litecoin faces the threat of a price drop if it falls below the $70 support or the 21-day SMA. The price of the altcoin will return between $58 and $70.

Analysis of Litecoin indicators

The altcoin is in a sideways trend on the 4-hour chart, with the price bars fluctuating below and above the moving average lines. After holding above the $70 support, the price bars have fallen below the moving average lines. The price bars on the 4-hour chart are below the moving average lines, which will slow down its uptrend.

Technical indicators

Resistance levels: $100, $120, $140
Support levels: $60, $40, $20

What is the next move for Litecoin?

Litecoin is currently trading in a positive trend zone. The doji candlesticks have limited the price movement, which is why they are in place. Litecoin has been forced to move sideways since peaking at $76 on November 4. LTC/USD has fluctuated between $70 and $76 over the past week as Coinidol.com reported.

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.

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• Source: https://coinidol.com/litecoin-tends-sideways-after-peaking/