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Litecoin Price Prediction – January 29
Even though some range-bound occurs, the Litecoin price prediction stays under bearish pressure as the crypto market experiences downtrend.
LTC/USD Market
Key Levels:
Resistance levels: $150, $160, $170
Support levels: $70, $60, $50
LTC/USD is moving sideways with the resistance level of $110 to touch the high of $120 almost risking breaking below $100 support. Looking at the daily chart, a sustainable move above the 9-day moving average could launch the coin into a new high. Therefore, if bulls failed to keep the price above the 9-day moving average, the downside pressure is likely to increase.
Litecoin Price Prediction: Litecoin (LTC) May Drop More
According to the daily chart, the Litecoin price could not exceed the resistance level of $120 at this moment as the coin may continue to move sideways. LTC/USD is supported by a psychological $90. Once it is out of the way, the sell-off is likely to gain traction and the next bearish target could be located at $70, $60, and $50 support levels.
On the upside, the initial recovery is limited by $115 above the 21-day moving average located on approach. Traders will need to see a sustainable move above this handle for the upside to gain traction towards $150, $160, and $170 resistance levels. The Relative Strength Index (14) shows that the market price may remain at the downside as the signal line stays below 40-level.
Against Bitcoin, the Litecoin price is now following a bearish sentiment since the European session as the coin remains below the9-day and 21-day moving averages. Meanwhile, should in case the bulls attempt to gain momentum, the bears are likely to keep releasing a huge pressure on the market.
Looking at the daily chart, the closest resistance level for the coin is located at 3300 SAT and above. On the downside, the nearest support level is 2600 SAT. Below this, additional supports could be found at 2500 SAT and below. In addition, the Relative Strength Index (14) remains within the negative side, giving bearish signals, which may suggest that the recent recession could probably continue to fall.
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