HomeCryptocurrencyLitecoin Continues Upward Development, However Encounters Resistance At $85 Receive US

Litecoin Continues Upward Development, However Encounters Resistance At $85 Receive US

Aug 09, 2023 at 10:10 // Value

Cryptocurrency value evaluation introduced by The value of Litecoin (LTC) has fallen to its focused low of $79.

Litecoin value long run forecast: bearish

The value indicator had beforehand predicted that the altcoin will fall and attain a low of $77. On the time of writing, LTC/USD is buying and selling at $84 per coin. On the unfavourable facet, Litecoin’s run to the highest has come to a halt. On August 3, the altcoin hit a low of $80 and continued to consolidate. On August 7, LTC hit a low of 79 after which recovered.

The cryptocurrency asset has regained its upward momentum and is approaching the $92 threshold. If it breaks the transferring common traces or resistance at $92 to the upside, the altcoin will attain a excessive of $104. A sideways development, alternatively, will start if it doesn’t break above the transferring common traces.

Litecoin indicators evaluation

Litecoin has reached the bearish exhaustion of the Relative Power Index of interval 14 at stage 37. The value bar is under the transferring common traces because it regains momentum. Litecoin has gained momentum and reached the extent 88 on the each day stochastic. The implication is that the uptrend is perhaps damaged because the altcoin falls again to the earlier low of 79.

LTCUSD_(Daily Chart) – AUG. 8.23.jpg

Technical Indicators

Resistance ranges: $100, $120, $140

Help ranges: $60, $40, $20

What’s the subsequent step for Litecoin?

Litecoin has been declining, however has simply began to rise. On account of the decline, the bullish momentum has failed to interrupt the overbought zone. The altcoin will fall again to the earlier stage and keep in a buying and selling vary.

LTCUSD_(4 Hour Chart) – AUG.8.23.jpg

Final week reported that the cryptocurrency was rejected after reaching a excessive of $104. The altcoin fell and broke under the 21-day line SMA, and the downtrend continued to the 50-day line SMA. 

Disclaimer. This evaluation and forecast are the private opinions of the creator and should not a advice to purchase or promote cryptocurrency and shouldn’t be considered as an endorsement by Readers ought to do their very own analysis earlier than investing in funds.

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