Litecoin (LTC) price dropped after bears broke critical support level at $70.
Litecoin Long Term Price Forecast: Fluctuation
Bulls bought the dips, which brought the price back to $70. The $70 support level held as Litecoin corrected higher since February 24.
If buyers hold the price above the moving average lines, Litecoin will resume its positive trend. The upward momentum will continue to the high of $89. However, if buyers are rejected from the moving average lines, Litecoin will be forced to trade between the support of $67 and the moving average lines. At the moment, the altcoin is worth $73.
Litecoin indicator analysis
Litecoin price has been steadily declining. Bulls have bought on dips three times while the cryptocurrency has been losing value. On the other hand, the extended tails of the candlesticks indicate significant buying pressure at lower prices.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s the next step for Litecoin?
Litecoin hits chart bottom. The cryptocurrency fell to a low of $67 as bulls bought dips. On the 4-hour chart, the altcoin is correcting higher after a price rally. Price bars above the moving average lines signal that the cryptocurrency may be trending higher.
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 considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.
