Litecoin Price Prediction – August 9
The Litecoin price prediction shows the coin moving down within the channel as its sell-offs may be extended further.
LTC/USD Market
Key Levels:
Resistance levels: $185, $195, $205
Support levels: $120, $110, $100
LTC/USD is currently changing hands at $148.62, down from the recent high of $157 that was attained a couple of days ago. The Litecoin price is moving synchronously around the 9-day moving average on the market and it is mainly influenced by speculative sentiment and technical factors, while fundamental developments remain in the shadows.
Litecoin Price Prediction: What Would be the Fate of Litecoin (LTC)?
As the daily chart reveals, the Litecoin price is likely to cross below the 9-day moving average as bulls failed to hold the ground. The widespread retracement on the market could push the coin below the 21-day moving average with the next local support located at $300. Meanwhile, this level is likely to limit the correction and serve as a jumping-off ground for another bullish wave.
However, if the coin continues to drop, it is likely for the sell-off to gain traction with the next focus on $120, $110, and $100 support levels. On the upside, the initial resistance may be created above the 9-day moving average at $155 and traders may need to see a sustainable move above the upper boundary of the channel to test $170. The further bullish movement could touch the $185, $195, and $205 resistance levels despite the fact that the daily Relative Strength Index (14) moves below 60-level, suggesting more bearish signals.
Against Bitcoin, the Litecoin price continues to experience a tremendous downtrend, as the coin remains below the 9-day and 21-day moving averages. The bulls have not been able to push the market above the moving averages as the technical indicator Relative Strength Index (14) keeps heading to the south.
However, the critical support level could be located at 3100 SAT and below. Moreover, if bulls begin to power the market, the coin may likely break above the 9-day and 21-day moving averages to find the potential resistance level at 3800 SAT and above.
Looking to buy or trade Litecoin (LTC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link
