Litecoin Price Prediction – August 31
The Litecoin price prediction shows that the short-term bullish structure for the coin is still intact as the coin aims higher.
LTC/USD Market
Key Levels:
Resistance levels: $195, $205, $215
Support levels: $150, $140, $130
LTC/USD is still moving sideways below the 9-day and 21-day moving averages within the channel. However, the Litecoin price is currently hovering at $172.82 after the bears took it to touch the daily low of $165.67. However, an early trading session towards the $175 level failed to generate sustainable gains, with the Litecoin price slipping back below the daily high at the $173.80 level.
Litecoin Price Prediction: Litecoin (LTC) Needs to Cross Above $180 Level
According to the daily chart, the longer the pair fails to rally from current trading levels, the greater the chance that we may see the Litecoin price falling below the 9-day and 21-day moving averages. However, a break below the $165 support level may provoke the current movement and cause the market to decline towards the $150, $140, and $130 support levels.
However, the current bullish movement reveals that the Litecoin price may face upward movement if the 9-day MA crosses above the 21-day MA. More so, the daily chart also reveals that LTC/USD needs to break the technical region of the $180 level which is above the moving averages which may cause the coin to reach the potential resistance levels of $195, $205, and $215. Nevertheless, the technical indicator Relative Strength Index (14) is moving above 50-level, which shows that the market may still follow an upward movement.
Against Bitcoin, the Litecoin price is currently trading at the downside as the market price is seen below the 9-day and 21-day moving averages. However, the bullish structure may not come to play now but the price has been following a descending support line since a few days ago.
Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross above 45-level, which could add more bullish signals into the market. Therefore, until the price either breaks out above the 9-day MA or remains below the 9-day MA, the direction of the trend is yet to be known. Moreover, if the coin moves to the upside and crosses above the upper boundary of the channel, it could reach the potential resistance level of 4000 SAT and above while the support remains at 3200 SAT and below.
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