Litecoin Price Prediction – December 25
The Litecoin price is caught between the bull and the bear as the price of the cryptocurrency fluctuates sideways above the moving averages.
LTC/USD Market
Key Levels:
Resistance levels: $200, $210, $220
Support levels: $120, $110, $100
LTCUSD – Daily Chart
At the moment, LTC/USD is currently defending the support level of $160 as the price hovers around $162. Though, the Litecoin price remains above the 9-day and 21-day moving averages, with the Relative Strength Index (14) indicating a sideways movement. For the time being, the market price is moving within the channel and the technical indicator may be issuing some bearish signals.
Litecoin Price Prediction: Where Could Litecoin (LTC) Go Next?
According to the daily chart, the Litecoin price is yet to show strong bull dominance in the long term. But the short-term outlook is range-bound. Meanwhile, a bullish interception above the 9-day and 21-day moving averages may set the next key resistance at $200, $210, and $220, moving towards the upper boundary. Nevertheless, the market could experience a little rise before the rally begins.
Following the ongoing movement, the 9-day moving average is likely to cross above the 21-day moving average. Therefore, any bearish movement below the moving averages may likely locate the supports at $120, $110 with a possible new monthly low at $100. As we can see from the daily chart, the trading volume has been slightly low, suggesting that the bears may return to the market soon.
When compares with Bitcoin, the Litecoin price has been moving sideways as sellers and buyers are trying to decide who will take charge of the market. At the moment, the market price is moving around the 9-day and 21-day MAs, and towards the lower boundary of the channel while the technical indicator Relative Strength Index (14) is maintaining the sideways movement around 43-level.
LTCBTC – Daily Chart
However, the downtrend may likely come into focus and the sellers may increase their entries if the bears break below the lower boundary of the channel, traders could expect the Litecoin price to fall towards the support level of 2700 SAT and below. Meanwhile, a rebound could increase it to the 3700 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
