Litecoin's Positive Momentum Subsides And The Price Returns To Its Range

Aug 30, 2023 at 12:06 // Price
Author
Coin Idol
Litecoin's positive momentum subsides

Cryptocurrency price Analysis brought by Coinidol.com. Litecoin (LTC) price has rallied to a high of $70, although the positive momentum is short-lived. The cryptocurrency value has returned to the range where it was before.

Long-term forecast of the Litecoin price: bearish

The bullish momentum was not able to break the resistance at $70 or the 21-day line SMA. If the current resistance is broken, the altcoin will rise above the moving average lines.

The bullish momentum will carry it to the previous high of $104. However, due to the rejection at the current high, the LTC price is giving way. This means that Litecoin will continue its movement above the $60 support. If altcoin loses its current support, the market will fall and approach its previous low of $53. Today, the cryptocurrency asset is trading at $67.86 at the time of writing.

Litecoin indicators analysis

Litecoin has regained its positive momentum but is still at the Relative Strength Index level of period 14 out of 37. The positive momentum has faded and the altcoin is still in a bearish trend zone. While it is approaching the recent high, the price bar is below the moving average. The altcoin is losing momentum and is trading below the daily stochastic barrier of 50.

LTCUSD_(Daily Chart) – AUG. 30.23.jpg

Technical Indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What is the next move for Litecoin?

Litecoin's price rise was short-lived as the altcoin fell into the range bound zone. The current range bound move is in a narrow range. The price of the altcoin has fallen to a value between $60 and $68. The uptrend will continue if the $60 support level is held.

LTCUSD_ (4 Hour Chart) – AUG.30.23.jpg

Last week Coinidol.com reported that the cryptocurrency fell to a low of $53.70 as bulls bought the dips. As the altcoin has retreated above the $60 support, the downward momentum has stopped. 

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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