Litecoin’s Movements Are Limited Due To The Ambivalence of Traders

Litecoin's Movements Are Limited Due To The Ambivalence of Traders

Apr 26, 2024, 19:15 // Price

On April 13, 2024, the price of Litecoin fell to 70 dollars. CryptoGuestPosts provides a price analysis.

Price of Litecoin in the long-term: Bearish

Bulls have stopped the decline by raising the support level to $73. After the end to the downtrend, Litecoin started a sideways movement above the $73 resistance but below the moving-average lines or resistance of $90.

On the upside Litecoin has stopped its uptrend at the moving-average lines. This indicates that the cryptocurrency could be bound to a range. Litecoin's price is currently in the middle of it range. The uptrend of Litecoin will start when it crosses above the moving-average lines. It will rise to its previous high price of $10 Litecoin, if the current support is lost, will also fall below its $70 previous low. It is currently valued at $85.

Analysis of the Litecoin indicators

The moving average lines on the 4-hour chart are horizontally sloping, which indicates a sideways movement. The price bars are dominated doji candles that are above the moving averages. This is why traders are ambivalent about the direction of the market.

Technical indicators

Resistance Levels: $100, $120 and $140

Support levels: $60, $40, $20

What is the next step for Litecoin?

Litecoin is continuing to trade in a range and has risen over the $73 level of support. The altcoin consolidates above the current support in the short-term with the appearance of doji candles. Altcoins are currently trapped between the moving average line and buyers who try to keep the price above the lines. If the cryptocurrency's recent high is rejected, then price will rise.

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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 a endorsement by CryptoGuestPosts. Before investing in funds, readers should conduct their own research.


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