The long-term forecast for Litecoin’s price is optimistic, indicating a bullish trend.
The altcoin in recovery is poised to climb towards $105, with an initial challenge lying at $94. Surpassing this resistance level is crucial for Litecoin to reclaim its previous peak. Further positive momentum could drive it to $110.
However, failure to overcome the initial barrier at $94 might lead Litecoin into a range-bound movement between $77 and $94. Currently, the altcoin is trading at $95.38 following its recent rejection.
Analysis of Litecoin Indicators
The price of LTC has surged above the moving average lines after previously being confined between them. This upward movement is advantageous as it keeps LTC above the moving average lines. Furthermore, the upward slope of the moving average lines aligns with the ongoing trend.
What lies ahead for Litecoin?
Litecoin has reestablished its bullish momentum and is currently trading within the uptrend zone. However, its upward movement has encountered resistance at the $94 level. It’s anticipated that the cryptocurrency’s price will fluctuate within the range of $77 to $94, indicating a return to the previous range as defined by the moving average lines.