Litecoin Modestly Approaches The $95 Resistance Level

May 30, 2023 at 09:56 // Price
Author
Coin Idol
Litecoin is in an uptrend

Litecoin (LTC) price has crossed the moving average lines twice since the April 21 decline.

Long-term forecast for the Litecoin price: bullish

However, the uptrend has stalled due to the $95 resistance level. At the time of writing, the altcoin is currently trading at $91 per unit. The market is overbought at the $95 high. Since March 23, buyers have failed to keep the price above the initial resistance level. Litecoin will reach its recent high of $103 if current resistance is broken; however, overhead resistance at $103 has not been breached since February 1. Currently, the altcoin is trading just slightly above the moving average lines. 

Litecoin indicator analysis

With a reading of 54 on the Relative Strength Index for the 14 period, Litecoin is in the positive trend zone. In the uptrend zone, the upward movement is limited. As the price bars are above the moving average lines, the altcoin will rise. The price of Litecoin is currently overbought. It is above the daily stochastic level of 80. Bullish fatigue has been reached in the upward movement of the altcoin. 

LTCUSD_(Daily Chart) – May 30.23.jpg

Technical Indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next step for Litecoin?

Litecoin is in an uptrend as it is trading slightly above the moving average lines. Litecoin will rise and face resistance above $103. The cryptocurrency value will depreciate and resume its sideways movement. This price change has been happening since February 1.

LTCUSD_(4 –Hour Chart) - May 30.23.jpg

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.

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