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Litecoin Price Prediction – After Touching $43.47, LTC/USD Makes a Quick Return to $40 Support Level

LTC Price Prediction – April 20

The price of Litecoin surges from $43.47 to $40.09 within a day but it may move past this level in the coming days.

LTC/USD Market

Key Levels:

Resistance levels: $50, $60, $70

Support levels: $32, $22, $12

LTCUSD – Daily Chart

LTC/USD saw a heavy price decline today and it is currently trading at $40.61. The cryptocurrency continues to be supported at the $37 level but it seems that the bears are adamant to push the coin lower. More so, Litecoin has already lost over 3.90% within 24 hours and it’s likely the market experience more loses as the technical indicator moves towards the south at the time of writing.

Furthermore, since yesterday, the Litecoin (LTC) price keeps following the downward trend within the channel formation. Today, after the opening of the market, the daily price chart shows that LTC/USD also fell from $43.47 to $40.09, where it found short-term support and later bounced up to $40.61, where it is currently trading.

Moreover, for a backward movement, the market can be supported at $32 and $22 levels, if the price falls below the previous levels; another support is around $12. But should in case the price exceeds the indicated level by moving upward, then, the resistance levels of $50, $60 and $70 may be visited. The RSI (14) nosedives below 45-level, which may likely give more bearish signals.

Against Bitcoin, the Litecoin price is still moving downward as the price broke down after touching 5995 SAT. The price started falling and the RSI (14) indicator nosedives to touch 40-level, which might be considered as more bearish signs for the market.

LTCBTC – Daily Chart

Moreover, the market may continue to decline if the sellers continue to put more pressure on the buyers, the price could come down to the support levels of 5500 SAT and 5400 SAT. Therefore, if there is a rebound, the Ethereum price may likely go up as high as 6300 SAT and 6400 SAT respectively.

Please note: Insidebitcoins.com 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.