Litecoin Continues Sideways Path Above $52

The price of Litecoin (LTC) is oscillating within a narrow range above its key support at $52.

Litecoin price long-term prediction: bearish

On April 7, the cryptocurrency recovered and moved above the moving average lines, but was halted at a high of $55. Today, the price has fallen below the moving average lines, continuing its sideways movement. Price action has been restricted by the appearance of Doji candlesticks. The LTC price is consolidating above the $52 support but remains below the moving average lines.

On the downside, the price is gradually decreasing, but a further decline below the $52 support is unlikely due to ongoing consolidation. On the upside, Litecoin will resume its bullish trend if buyers keep the price above the moving average lines and break through the $60 resistance level. Litecoin is currently trading at $53.85.

Technical Indicators:

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

• 
  Support Levels – $60, $40, $20

Litecoin indicator analysis

The 21-day and 50-day SMAs are flat, and the price continues to move above and below the moving average lines. Litecoin is experiencing volatile price action due to the formation of Doji candlesticks.

On the 4-hour chart, the moving average lines are sloping downwards, but the price is confined between them. This indicates that the altcoin is likely to continue fluctuating.

What is the next move for Litecoin?

Litecoin has maintained its sideways trend, albeit within a narrow range. On the 4-hour chart, LTC is trading above the $51.50 support but below the $55.50 high. The cryptocurrency price was rejected twice at its recent high, but Litecoin has retraced above the moving average lines. The $55 barrier has further slowed the upward trend. The altcoin will continue to move within its current range.

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.