Cryptocurrency analysts of Coinidol.com report, the cryptocurrency asset retraced above the $103 breakout level yesterday as the altcoin found support.
Litecoin price long-term forecast: bullish
The Litecoin (LTC) price rallied and reached a high of $115 on July 2. At the time of writing, LTC is trading at $106. The previous rise ended when the market reached an overbought zone.
If the support level of $103 is held, Litecoin will rise to its previous high. If the bulls break the barrier at $115, Litecoin will rise to a new high of $130. However, if the altcoin fails to break the current barrier, it will face a sideways movement. Litecoin will trade between $100 and $115 if it fails to break the current high. In the meantime, altcoin is on its way to regain its previous highs.
Litecoin indicator analysis
The cryptocurrency asset is in a positive trend and is at a Relative Strength Index of 63. It has the potential for further growth. As long as the price bars remain above the moving average lines, Litecoin will continue to rise. The price of the cryptocurrency is rising above the 25th level of the daily stochastic. The altcoin is predicted to rise in the bullish trend zone.
Technical indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What is the next step for Litecoin?
Litecoin has rallied after breaking through the $100 resistance level. The altcoin is currently trading between $103 and $115. If the current resistance level is broken, Litecoin will resume its uptrend. However, if the $100 support is breached, the selling pressure might continue.
On Jun 27, 2023, Coinidol.com reported that: The cryptocurrency’s price was held at the $92 resistance level. The altcoin rose to a high of $93.88 before collapsing.
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.com. Readers should do their own research before investing in funds.