Litecoin recovers but remains above $50

Litecoin (LTC) price declines have slowed down and remained at $45 since February 6.

Long Term Litecoin Price Prediction: Bearish

Buyers have protected this lowest price level for more than three years. Over the past week, the crypto asset has been trading sideways, above the $45 support but below the moving averages. The upward movement is currently limited by the 21-day SMA barrier.

LTC is stabilizing above the $50 support level and retesting the 21-day SMA barrier. The price of LTC has entered the overvalued territory of the market. Altcoins go up if buyers sell out of an oversold market. Litecoin could reach $67 if buyers hold the price above the 21-day SMA. If it loses its current support, it will return to the lowest price.

Technical indicators:

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

• Support levels – $60, $40, $20

Analysis of Litecoin price indicators

The 21-day and 50-day SMAs fell significantly lower on the chart. On February 6, the long tail of the candle indicates strong buying pressure near $45. The moving averages on the 4-hour chart are horizontal, indicating that the price of LTC has paused above the $45 support. However, price lines are located between moving averages.

What’s next for Litecoin?

Litecoin price moved sideways after stopping the downtrend on February 6. Doji candlesticks formed on the 4-hour chart, causing the crypto price to remain flat. The altcoin is trading in a sideways trend, above the $50 support but below the $56 resistance. If Litecoin recovers from the $50 support level, it will rise further.

Disclaimer. This analysis and prediction is the author’s personal opinion. The information 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 considered an endorsement by Coinidol.com. Readers should do their own research before investing in funds.