Litecoin Falls and Consolidates above $70

Litecoin (LTC) has fallen below the moving average lines. The cryptocurrency is expected to decline further while it remains in the bearish trend zone.

Litecoin price long-term prediction: bearish

The bears have broken critical support, extending the decline to a low of $72. The bearish momentum paused on December 18.

Currently, the price is moving towards the 21-day SMA. Litecoin will rise if it breaks above the 21-day SMA, and bullish momentum will continue up to the 50-day SMA barrier. If LTC fails to break through the 21-day SMA, it will fall back to its current support level of $72. Selling pressure will resume if the price drops below the present support at $72, and Litecoin may revisit its historic lows of $68 and $54.

Technical Indicators 

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  Resistance Levels: $100, $120, $140

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  Support Levels: $60, $40, $20

Litecoin price indicator analysis

The moving average lines are trending downwards, with the 21-day SMA below the 50-day SMA. The price bars are below the moving average lines and are represented by Doji candlesticks. The price bars are positioned between the downward-sloping moving average lines. Litecoin is likely to remain in its current range in the coming days.

What is the next move for Litecoin?

Litecoin’s priceis declining but is correcting higher while remaining above the $72 support. Price movement has stalled below the $78 high and the 50-day SMA barrier. The cryptocurrency is range-bound, trading above the $72 support and below the $79 resistance level. Litecoin will trend once either the $72 support or the $78 barrier is broken.

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.