The Litecoin price is expected to fall by roughly 1.36 percent when the market starts, and it now trades at $168.35.
Key Levels in the LTC/USD Market:
Resistance levels: $190, $200, $210
Support levels: $150, $140, $130
LTC/USD is trading in the red on the daily chart, as the coin approaches the 21-day moving average. However, the Litecoin price has been rejected and has failed to break above the barrier level of $170. Additionally, buyers may need to retain the price movement above the 9-day and 21-day moving averages in order for a clear breach of this barrier to push the currency up to the nearest resistance level of $180.
Litecoin Price Prediction: Is There Still Hope for Litecoin (LTC)?
According to the daily chart, the Litecoin price is now attempting to recover from the daily low of $161.39; however, if the nearest support of $160 gives way, the sell-off may resume and the market movement may extend towards the lower limit of the channel. However, selling may be more prominent if bears maintain their firm commitment, as the technical indicator Relative Strength index (14) shows a modest downturn, suggesting the market's most recent downward swing.
Nonetheless, if the market price falls further, traders may see a steep decline below the 9-day moving average; hitting this barrier could further weaken the market, sending it to the supports at $150, $140, and $130. As a result, if buyers continue to drive the market, traders can expect a further rise to the resistance levels of $190, $200, and $210, respectively.
When compared to BTC, the Litecoin price continues to follow the downtrend, and a trend reversal requires an increase in volume to cause a market upsurge. Currently, the coin is trading below the 9-day and 21-day moving averages, and traders can expect close support at 3200 SAT before breaking to 3000 SAT and, more importantly, 2800 SAT.
LTCBTC - Daily Price Chart
Meanwhile, there has been no bullish movement in the Litecoin market, but if one occurs, it may justify a cross above the 21-day moving average, and LTC/BTC may touch the nearest resistance at 3600 SAT. Furthermore, traders can confirm a bull-run to the resistance levels of 3700 SAT and 3900 SAT.