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Litecoin Price Prediction: LTC/USD Risks Another Decline if Unable to Break Above $47 Resistance

Litecoin (LTC) Price Prediction – September 29, 2020
Litecoin’s current uptrend is resisted at the $47 high. LTC/USD is compelled to a sideways move below the resistance. However, LTC’s major resistance is the 12-day EMA. LTC/BTC is also in a downward move. The coin is likely to make a further downward move as it makes a retest the 12-day EMA.

LTC/USD Market
Key Levels:
Resistance Levels: $80, $100, $120
Support Levels: $50, $40, $20

LTC/USD – Daily Chart

Litecoin downtrend has reached bearish exhaustion. Recently, the coin rebounded above the $41 low to reach a high of $47. The upward move could not be sustained because of the resistance at $47. On the upside, a break above the $47 resistance will propel price above the $51 high. If buyers are successful, the coin will resume upside momentum. Besides, the coin will be out of downward correction.

Conversely, if the bulls fail to break above the previous high, the bears will attempt to break below the $41 support. If the bears are successful, the coin will slump to $39 low. This has been confirmed by the Fibonacci tool analysis. Today, the coin is trading at $45 at the time of writing.

Litecoin Indicator Analysis
LTC price bars are below the EMAs which suggest that price is likely to fall. Since September 1, the price has broken above the EMAs. LTC will rise once price breaks above the EMAs. The coin is in a bullish momentum and above the 40% range of the daily stochastic.

LTC/BTC – Daily Chart

On the LTC/BTC chart, the coin is on a downward move. There is an indication of a further downward move. A green candle body tested the 78.6 % Fibonacci retracement. LTC/BTC will fall and reach the 1.272 Fibonacci extension level or the low of Ƀ0.003816.

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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.