The price of Litecoin (LTC) has returned to its previous low of $70 from June 18.
Long-term Litecoin price prediction: ranging
The previous low was the historical price level of April 13, as Coinidol.com reported. The cryptocurrency is currently trading in a range of $70 to $89 per unit.
If the current support at $70 holds, the downward movement will start within this range. Litecoin’s positive momentum will continue if buyers keep the price above the moving average lines. The altcoin will rise and challenge the resistance level at $89.
On the negative side, the previous low of $70 has not been reached since March 5. The cryptocurrency is likely to fall further if the current support is broken. Meanwhile, the altcoin is worth $74.
Litecoin indicator analysis
On June 18, Litecoin reached the previous low of $70. The bulls bought on dips, leaving a long candlestick tail pointing to the previous low of $70. The extended candlestick tail indicates significant buying pressure at the $70 level. The price of the cryptocurrency is bouncing above the $70 support.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s the next move for Litecoin
After the drop on June 18, Litecoin is now trading in a limited range of $70 to $76. The price of the cryptocurrency is fluctuating, but any upward movement is prevented by the 21-day SMA and resistance at $76. The altcoin will rally if it maintains its small range.
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.
