The price of Litecoin (LTC) has risen, surpassing its previous peak and reaching $112.
Litecoin price long-term prediction: bullish
The upward momentum has stalled as the altcoin initiates a small correction. The positive trend will continue if the altcoin falls back above the $107 mark.
Currently, the LTC price has retraced to its low of $101. On the weekly chart, Litecoin is expected to maintain its trend. On June 16, a declining candlestick body approached the 38.2% Fibonacci retracement line. The retracement or correction suggests that Litecoin will rise to the 2.618 Fibonacci extension or the $175.30 high. Litecoin will rise in the meantime, although it will first encounter resistance near $130.
Litecoin price indicator analysis
The moving averages have held steady despite the current uptrend. The 21-day SMA is above the 50-day SMA, which is a bullish signal. Yesterday’s price action points to a long candlewick that exceeds the $110 threshold. The long candlewick indicates the presence of sellers at the recent high.
Technical Indicators
Resistance Levels: $100, $120, $140
Support Levels: $60, $40, $20
What is the next move for Litecoin?
Bulls and bears are in a price war as they fight to stay below $110. The sellers are limiting the potential growth of the cryptocurrency. If the bulls break through the current barrier, the market will rise to a high of $130.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.