Follow Us

Header Ad

Latest Posts

Categories

Litecoin Price Prediction: LTC/USD May Decline to Test the Support Level of $40

LTC Price Prediction – July 9

LTC/USD keeps moving downward after falling from its range amid strong bearish sentiments.

LTC/USD Market

Key Levels:

Resistance levels: $50, $52, $54

Support levels: $40, $38, $36

LTCUSD – Daily Chart

At market opening today, after touching the daily high at $45.70, LTC/USD price is seen following a bearish movement towards the 9-day and 21-day moving averages. On the upside, the market movement still remained under $48. Locking operations in the last 3 weeks were dull and offered little trading activities. Despite this, the broken support of the price shows the formation of a lower low trend which gave an indication that the bears were largely under control.

Meanwhile, LTC/USD could not avoid the bearish wave that ranged the market on June 11 and June 27. However, this painful downward trend exerted intense pressure on key support established above $45. More so, the declines devastated the support zone and pushed the coin below $40.

At the moment, the crypto is currently trading at $43.77 after losing 3.59% of its value. The RSI (14) is heading below 55-level, which shows that an immense bearish pressure may continue to weigh on the support at $42 if it crosses below the 50-level. The market may witness further declines at support levels of $40, $38, and $36. Meanwhile, if the current price level can be maintained, traders could see a buyback with $48 resistance before getting to the resistance levels of $50, $52, and $54.

Pairing it with Bitcoin, Litecoin (LTC) is moving on sideways within the channel since May 14 and the price is currently trading at 4768 SAT above the 9-day and 21-day moving averages. With volume accumulating on the price chart, the price may likely fall to 4500 SAT before reaching the 4400 SAT and 4300 SAT support levels.

LTCBTC – Daily Chart

However, the RSI (14) indicator is seen moving down from 60-level, which indicates a downward trend. Moreover, for LTC/BTC to increase and move towards the resistance levels of 4900 SAT and 5000 SAT, the RSI indicator will need to go above the 60-level to show that the re-occurrence of the bulls back into the market.

    Leave Your Comment

    Your email address will not be published.*

    Forgot Password