Litecoin Price Prediction – August 12
The Litecoin price is dropping with a loss of 3.21% after touching the daily high of $179.79.
LTC/USD Market
Key Levels:
Resistance levels: $200, $210, $220
Support levels: $140, $130, $120
LTC/USD experiences a 3.21% price drop over the past 24 hours of trading as the coin is now trading below the upper boundary of the channel but looks like it might be headed beneath the 9-day and 21-day moving averages. However, any further bearish movement below the 9-day moving average could see the Litecoin price headed towards the $160 level and it is likely to occur if the coin continues to drop in the next few days.
Litecoin Price Prediction: Litecoin (LTC) May Follow the Downtrend
According to the daily chart above, the Litecoin price is seen maintaining a sideways movement. It has been struggling to cross above the upper boundary of the channel over the past few days of trading. However, as the pair moves in this range, the market may be considered neutral at this moment in time as the technical indicator, the Relative Strength Index (14) is moving out of the overbought region and the sellers can be increasing their momentum if it crosses below 60-level, which could certainly result in LTC falling beneath the moving averages. If this occurs, LTC/USD would be considered bearish.
On the downside, the first support level could lie at $150 but this is expected to prevent the market from falling further. Meanwhile, if the selling continues, traders can expect added support at $140, $130, and $120. Meanwhile, from the upside, the nearest resistance levels could be located at $170 and $180. Above this, potential resistance lies at $200, $210, and $220.
When compares with BTC, the bulls are making a serious effort to step back into the market as the bears are pushing it back below the channel. At the moment, the coin is still trying to show some promising signs that could push the coin towards the upper boundary of the channel. From the upside, the nearest resistance levels are located at 4100 SAT and above.
From the downside; the nearest support levels may cross below the 9-day and 21-day moving averages while further support could be seen at 3500 SAT. However, if the price drops further, the lower support may be located at 3400 SAT and below. Meanwhile, the technical indicator, the Relative Strength Index (14) is seen moving below the 55-level, which shows that more bearish signals are coming to play.
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