Litecoin stops at $84 as it is forced to a narrow range

Litecoin stops at $84 as it is forced to a narrow range

Jun 06, 2024 @ 20:54 // Price

The price of Litecoin has fallen in a sideways fashion. CryptoGuestPosts provides a price analysis.

Litecoin long-term price forecast: ranging

Altcoins fell as low as $81 before recovering. The cryptocurrency's price has moved between moving average lines. The altcoin will enter the positive trend zone if it breaks above the moving average line of 21 days. The initial resistance to the uptrend is $84 or 21-day moving median line. If Litecoin is able to break the $84 barrier, it will reach a maximum of $89 for each coin.

If the resistance of $89 is overcome, then the positive momentum can reach a maximum of $103, if not higher. Litecoin hovers around $84.

Analysis of Litecoin indicators

LTC's price is currently rising, but it is being blocked by the moving average line of 21 days. Litecoin trades between the SMAs of 21 and 50 days. Dojis, or indecisive candlesticks with small bodies, have slowed down the price movement. Moving average lines are parallel.

Technical Indicators

Resistance Levels: $100, $120 and $140

Support levels: $60, $40, $20

What is next for Litecoin?

Litecoin's 4-hour chart shows that it has fallen below moving average lines following a series lower highs, and lower lows. The rally was stopped at an $84 high. Litecoin trades in a narrow range between $82 to $86. Once the doji candles appear, range-bound movements will continue.

READ  Dogecoin price consolidates and reaches decisive support at $0.070

Disclaimer. This analysis and forecast is the personal opinion of the author. It does not constitute a recommendation for the purchase or sale of cryptocurrency, and should not therefore be considered as an endorsement from CryptoGuestPosts. Before investing in funds, readers should conduct their own research.

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