Litecoin Price Prediction – July 5
The Litecoin price needs to climb above the upper boundary of the channel to have a chance to recover.
LTC/USD Market
Key Levels:
Resistance levels: $175, $185, $195
Support levels: $110, $100, $90
As the daily chart reveals, LTC/USD has been taking several bad hits as the coin retains the sideways movement to continue working on its recovery. At the time of writing, the Litecoin price is hovering at $139.72, with 3.63% in the red. However, the Litecoin price is been trapped in an incredibly trading range as the bullish rally has failed to materialize.
Litecoin Price Prediction: Next Direction for Litecoin Price?
The Litecoin price is yet to clear the hurdles above the upper boundary of the channel. Instead, the bears are trying to force their way back to the $130 support level and any further bearish movement may head towards the $110, $100, and $90 support levels. Looking at the Relative Strength Index (14), Litecoin may experience more downtrends as the signal line moves below 45-level.
Nevertheless, if the bulls gather enough strength, they may push the market back above the 9-day and 21-day moving averages within the descending channel. Any further bullish movements may find the resistance levels of $175, $185, and $195. Moreover, this kind of bullish movement above the key resistance levels may encourage more buying.
When compares with BTC, the Litecoin price is significantly bearish on the daily chart. However, as the price is falling, the sellers are posing more threat to the 4100 SAT support level where the nearest target lies. More so, an eventual breakdown may likely lead to the collapse of Litecoin.
However, a further bearish continuation may likely meet the major support at 3900 SAT before falling to 3700 SAT and 3500 SAT while the buyers may likely push the market above the upper boundary of the channel to reach the potential resistance at 4500 SAT, 4700 SAT, and 4900 SAT respectively. However, the Relative Strength Index (14) is seen moving in the same direction as the coin may remain at the downside.
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