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Litecoin Price Prediction: LTC/USD Retraces to $100 Low, Risks Further Decline Below $90

Litecoin (LTC) Price Prediction – December 24, 2020
LTC/USD pair is fluctuating above $100 support after rejection from the $124 overhead resistance. A possible retest at the overhead resistance is likely if the bulls break the resistance level.The LTC/BTC is making an upward move. The crypto is facing resistance at level Ƀ0.005200

LTC/USD Market
Key Levels:
Resistance Levels: $160, $180, $200
Support Levels: $80, $60, $40

LTC/USD – Daily Chart

Litecoin is in a sideways move after failing to break the resistance at $124. The coin fell after rejection from the recent high. The altcoin is currently fluctuating between, $95 and $120. The bears have retested the lower price range twice but the upward move is being resisted at the $100 high. Buyers are now struggling to push the coin above the $100 ad $120 resistance zone. The altcoin is expected to rally above $140 if the resistance levels are broken. The range-bound movement will continue if the resistance levels remained unbroken.

Litecoin Indicator Analysis
Litecoin has risen to level 59 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. LTC is expected to rise as the price is above the SMAs. The SMAs are sloping upward indicating the uptrend.

LTC/BTC – 4 Hour Chart

On the LTC/BTC chart, the crypto is in an uptrend. The coin has been resisted at the Ƀ0.005200 high. The altcoin dropped to Ƀ0.004400 low and resumed upward. The price corrected upward but fell back to the same low. However, a downward move of the coin is likely. On December 21 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. It indicates that the coin will further decline to level 2.0 Fibonacci extension,

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    Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.