Cryptocurrency analysts of Coinidol.com report, Litecoin (LTC) price is still trading in the bullish trend zone after leaving the $115 high.
Litecoin price long term forecast: bullish
The cryptocurrency value has retraced and continues to fluctuate above the moving average lines. At the time of writing, the altcoin is worth $96.86. On the positive side, Litecoin will continue to grow if it stays above the moving average lines.
If the altcoin breaks above the $100 resistance, it will return to its previous high of $115. The LTC price will reach a new high if the last high is broken. However, the bullish situation will be undermined if it is rejected at the current high. The downtrend will continue if the price falls below the moving average lines. LTC will then fall back to its previous low of $75.
Litecoin indicator analysis
Litecoin is currently trading near the Relative Strength Index Period 14 at 53. The altcoin is moving above the moving average lines, indicating the possibility of a recovery. As the altcoin prepares for a rise, the price bars are above the moving average line. It is rising above the 75th level of the daily stochastic. The altcoin is rising in value as it reaches the overbought zone.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What is the next step for Litecoin?
LTC/USD continues its positive trend and stays above the moving average lines. The uptrend has started as the altcoin returns to the initial resistance level of $100. If the $100 high is not reached, the sideways movement could continue.
On Jul 05, 2023, Coinidol.com reported that: The Litecoin (LTC) price rallied and reached a high of $115 on July 2. At the time of writing, LTC is trading at $106.
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 own research before investing in funds.
