Litecoin Is Range Bound as It Approaches the Overbought Region at $64
Nov 15, 2022 at 13:50 //
PriceLitecoin (LTC) price has declined but managed to hold above the 50-day moving average line. It is now capped between the moving averages. The 21-day line SMA is currently being retested or breached by Litecoin, which price is rising.
The 50-day line SMA was not broken by the bears yesterday. Today, Litecoin will be forced to move between the moving average lines if the price fails to rise above the 21-day SMA. LTC will rise and retrace its steps towards the previous highs of $68 and $72 if the price breaks above the 21-day line SMA. At the time of writing, LTC/USD is trading at $58.38.
Litecoin indicator analysis
Litecoin is currently at the 50 level following the 14-period Relative Strength Index. According to the RSI, supply and demand have reached equilibrium. The price bars are between the moving average lines, which indicates that the cryptocurrency might be moving in a range. The daily stochastic for Litecoin is above the 68 level, indicating bullish momentum for the cryptocurrency.
Technical indicators
Resistance Levels: $140, $180, $220
Support Levels: $100, $60, $20
What is the next move for Litecoin?
After rallying above the $48 low, Litecoin has completed an upward correction. As it approaches a high of $58, the cryptocurrency is entering the overbought area. If the altcoin reaches this area, it will fall.
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. Readers should do their own research before investing in funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow