Litecoin Price Analysis – LTC Bears Dominate Momentum, Pushing Price Towards Next Support

Litecoin (LTC) Price Analysis – August 14

In the midst of the volatility of the crypto market, the price of LTC fell slightly.

LTC/USD Market

Key Levels:
Resistance levels: $100, $105, $110
Support levels: $65, $60, $55

LTCUSD – Daily Chart

Litecoin continues to trade beneath the $90 level after another failed to attempt to break above the 21-day moving average. Now, the bear appears to be stepping back in the market, and we can expect the price to drop to $80 and $75, bottoming the lower side of the channel before bouncing back up to $90, $95 and $100 before breaking to $105 and $110 in an upward range.

However, if the market drives below the $75 support, Litecoin price will slump to $65, $60 and $55, bringing the price to March low. As revealed in the price chart, Litecoin’s volume is fading away due to the selling pressure in the market. If LTC was able to break the $100 threshold, we could begin to look at a positive development for this market. Otherwise, the price will continue to fall until we see a bullish regroup. Litecoin (LTC) has recently seen a price fall at the oversold level on the stochastic RSI.

LTC/BTC Market

Comparing with Bitcoin, according to the chart, the bulls have stepped back into the market by halting the downward trend. Moreover, the coin is showing some promising signs that it could start to make higher highs if it can break above the 21-day moving average. Similarly, from upside, the nearest level of resistance lies at 0.01BTC and above this, higher resistance lies at 0.011BTC and 0.012BTC.

LTCBTC – Daily Chart

Furthermore, from below; the nearest levels of support are 0.0075BTC and 0.0060BTC. Beneath 0.0060BTC, further support lies at 0.0050BTC. If the price drops further to create a new low, lower support is located at 0.0055BTC and 0.0045BTC. The RSI has managed to break above the 30-level recently which shows that the bulls are waking up.

Please note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.