Litecoin Slumps to $50 Low

The price of Litecoin (LTC) has continued to fluctuate within a narrow range.

Litecoin price long-term prediction: bullish

For the past month, the price has remained stable above the $50 support level. The cryptocurrency has hovered above the $50 support and below the $60 resistance. Since February 6, as Coinidol.com reported previously, bullish momentum has been halted on more than six occasions at the recent high.

Yesterday, the price fell below the moving average lines, reaching a low of $54. The formation of Doji candlesticks has limited price movement. Litecoin is holding above the $54 support level as buyers attempt to push the price back above the 50-day SMA resistance.

Technical Indicators:

• 
  Resistance Levels – $100, $120, $140

• 
  Support Levels – $60, $40, $20

Litecoin price indicators analysis

The moving average lines are flat, with the 21-day SMA above the 50-day SMA support. The price has fluctuated both below and above the moving average lines, indicating a sideways trend. On the 4-hour chart, LTC has also fallen below the horizontal moving average lines as it continues its sideways movement.

What is the next move for Litecoin?

Litecoin has slipped below the moving average lines, but the price remains above the $54 support. On the 4-hour chart, the price is above the $54 support level but below the moving average lines. If the current support is lost, the LTC price will fall to its lower range above the $50 level. However, if the current support holds, the sideways movement will continue upwards.

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.