The daily chart shows that the Litecoin price prediction could not climb above the $105 level as the price touches the low of $103.
Resistance levels: $130, $135, $140
Support levels: $85, $80, $75
LTC/USD is currently struggling to gather momentum above the $105 level as the coin remains below the 9-day and 21-day moving averages. Meanwhile, a key level of support remains at $100, but if that breaks with a daily candle close below this level, it may likely slump towards the lower boundary of the channel.
Litecoin Price Prediction: Litecoin (LTC) May Go Lower
The Litecoin price is currently trading below the 9-day and 21-day moving averages. However, if the market price drops more, it can experience a period of bearish momentum and it could target the $100 support level before critically looking towards the support levels of $85, $80, and $75.
However, if Litecoin (LTC) breaks above $110, it may likely face a bullish movement with higher highs and higher lows. Should in case the price decides to maintain the bullish movement, the coin may find the potential resistance levels at $130, $135, and $140 as the technical indicator Relative Strength Index (14) moves to cross below the 40-level.
When compared with Bitcoin, the Litecoin price is likely to follow a bearish sentiment, trading under the 9-day and 21-day moving averages within the channel. However, if the bulls attempt to gain momentum, the bears are likely to keep releasing a huge pressure on the market as the technical indicator Relative Strength Index (14) may cross below the 40-level, suggesting more bearish signals.
However, if LTC/BTC falls and faces the lower boundary of the channel, it may likely hit the nearest support at 2600 SAT. Any further negative movement could significantly lower the price to 2400 SAT and below. In case of a rebound, the coin can visit the 2800 SAT above the channel before resuming the rally. If the bulls manage to stay well above this barrier, traders could see a bull run to the resistance level of 2900 SAT and above.
Looking to buy or trade Litecoin (LTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link