Litecoin Is in a Confined Range Above $50

Litecoin’s (LTC) price has remained stable above the $50 support and below the $57 resistance or 50-day SMA barrier.

Litecoin price long-term prediction: ranging

Doji candlesticks have appeared, causing the cryptocurrency price to consolidate within its narrow range. The price has been stopped twice at the $57 barrier. After being rejected twice at the recent peak, the price fell below the 21-day SMA support.

However, bulls and bears are contesting control of the price at the 21-day SMA barrier. Each time the bulls break above the 21-day SMA barrier, the bears push the price below the moving average lines. Today, the bears have pushed the price below the moving averages for the third time. Currently, the LTC price is $56.13.

Technical Indicators:

• 
  Resistance Levels – $100, $120, $140

• 
  Support Levels – $60, $40, $20

Litecoin indicator analysis

The moving average lines are horizontal, while the price oscillates above and below the 21-day SMA support, indicating a sideways trend. If LTC price remains above the 50-day SMA barrier, it will resume its bullish trend. On the 4-hour chart, the price bars are positioned between two moving average lines, suggesting Litecoin will continue its range-bound movement.

What is the next move for Litecoin?

Litecoin is trapped between the moving average lines on the 4-hour chart. The altcoin will trend when either the 21-day SMA support or the 50-day SMA barrier is breached. Today, the cryptocurrency price is falling after reaching the 50-day SMA barrier. On the downside, if the bears breach below the 21-day SMA support the altcoin will slide to the low of $52.50.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.