Litecoin Recovers, But Faces Rejection At $94
The price of Litecoin (LTC) has risen above the 21-day SMA after rising above the $77 support. Price Analysis by Coinidol.com.
Long-term outlook for the Litecoin price: bullish
The recovering altcoin is expected to rise to a high of $105, but will have to overcome an initial hurdle at $94. On the upside, Litecoin will return to its previous high of $105 if it clears the $94 resistance. The positive momentum will continue to the high of $110.
However, if buyers fail to clear the initial hurdle at $94, Litecoin will fall and remain in a range between $77 and $94. In the meantime, the altcoin is trading at $95.38 after its last rejection.
Litecoin indicator analysis
LTC's price has risen above the moving average lines after initially being trapped between them. The benefit of a rising LTC price is that it stays above the moving average lines. The moving average lines are sloping upwards, which is consistent with the current trend.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What's next for Litecoin?
Litecoin has regained its positive momentum and is trading in the uptrend zone. The uptrend has stalled at the $94 resistance level. The price of the cryptocurrency is expected to move between $77 and $94, meaning the altcoin will return to the previous range defined by the moving average lines.
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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