Litecoin Bounces Below The Recent High

Nov 07, 2023 at 14:27 // Price
Author
Coin Idol
Litecoin bounces below the recent high

Cryptocurrency analysts of Coinidol.com report that Litecoin (LTC) is slipping as it hits resistance at $75.

Long-term forecast for the Litecoin price: bullish

At the time of writing, the cryptocurrency value has declined to a low of $73. The price of Litecoin (LTC) is approaching its previous range between $58 and $70. The current rise will continue if Litecoin retraces and finds support above the $70 mark. The price indicator predicts that the altcoin will rise to a high of $86 or the level of the 2.0 Fibonacci extension. Should the altcoin fall back below the $70 level, the market will be forced to resume its range-bound movement.

Analysis of the Litecoin indicators

The price bars have recovered above the moving average lines as the altcoin has regained bullish momentum. LTC price bars were above and below the moving average lines before the price recovery, indicating that the cryptocurrency was trading in a range. Selling pressure will return when the price bars fall below the moving average lines.

LTCUSD (Daily Chart) – November 7.23.jpg

Technical indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What's the next move for Litecoin?

Litecoin could resume its uptrend if it stays above the moving average lines. The cryptocurrency will resume its uptrend if it holds above the $70 support and breaks through the $75 resistance. In the meantime, the LTC price is bouncing below the $75 resistance level.

LTCUSD (4 Hour Chart) – November 7.23.jpg

As we reported on October 31, the upward momentum was stopped on October 24, when it reached a high of $72. The strong selling pressure caused the cryptocurrency asset to be rejected at higher price points. 

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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