Litecoin Continues Upward Trend, But Encounters Resistance At $85

Cryptocurrency price analysis brought by Coinidol.com. The price of Litecoin (LTC) has fallen to its targeted low of $79.

Litecoin price long term forecast: bearish

The price indicator had previously predicted that the altcoin will fall and reach a low of $77. At the time of writing, LTC/USD is trading at $84 per coin. On the negative side, Litecoin‘s run to the top has come to a halt. On August 3, the altcoin hit a low of $80 and continued to consolidate. On August 7, LTC hit a low of 79 and then recovered.

The cryptocurrency asset has regained its upward momentum and is approaching the $92 threshold. If it breaks the moving average lines or resistance at $92 to the upside, the altcoin will reach a high of $104. A sideways trend, on the other hand, will begin if it does not break above the moving average lines.

Litecoin indicators analysis

Litecoin has reached the bearish exhaustion of the Relative Strength Index of period 14 at level 37. The price bar is below the moving average lines as it regains momentum. Litecoin has gained momentum and reached the level 88 on the daily stochastic. The implication is that the uptrend might be broken as the altcoin falls back to the previous low of 79.

Technical Indicators

Resistance levels: $100, $120, $140

Support levels: $60, $40, $20

What is the next step for Litecoin?

Litecoin has been declining, but has just started to rise. As a result of the decline, the bullish momentum has failed to break the overbought zone. The altcoin will fall back to the previous level and stay in a trading range.

Last week Coinidol.com reported that the cryptocurrency was rejected after reaching a high of $104. The altcoin fell and broke below the 21-day line SMA, and the downtrend continued to the 50-day line SMA. 

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.

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• Source: https://coinidol.com/litecoin-continues-upward-trend/