LTC Price Prediction – June 22
LTC/USD may likely set a bullish run if the market can climb back above the moving averages.
Resistance levels: $48, $50, $52
Support levels: $38, $36, $34
Looking at the daily chart, LTC/USD is seen showing a positive movement over the past few hours. The market is actually running a little retracement move towards $45 with a price growth of 3.17%. Despite today’s gain, Litecoin (LTC) is still maintaining a slightly upward movement within the ascending channel. Traders can expect the price to continue to rise as soon as the bulls put more pressure on the market.
Moreover, if the lower boundary breaks this time, the price may slide back to $41 and $40 support. If the price can keep respecting the upward movement, we can then expect a bullish continuation after testing the $45 level. As the technical indicator, RSI (14) moves to cross above the 9-day and 21-day moving averages, the next level of resistance to keep an eye on are $48, $50 and $52 in the long-term.
Moreover, if the coin continues to maintain the rising channel pattern for the next couple of days, the market may witness a more bullish trend. But looking at the price formation, a bearish breakout may likely play out for this market as much as the trend-line of 21-day MA is above the 9-day MA. Meanwhile, a bearish extension could roll the coin back to the long-term support at $38, $36, and $34 levels.
When compares with Bitcoin, LTC continues to trend bearishly as the support further outweighs the resistance. In case of a trend reversal, there is a need for an increasing volume and resistance to cause an upsurge in the market. Now, the coin is trading around the 4590 SAT below the moving averages. We can expect close support at the 4350 SAT and below.
At the moment, there’s no sign of a bullish movement in the LTC market. However, if a bullish move occurs and validates a break above the 9-day and 21-day moving averages to hit the nearest resistance at 4750 SAT; we can then confirm a bull-run for the LTC/BTC pair. More so, the closest resistance lies at 4850 SAT and above. The technical indicator RSI (14) is about to cross below 40-level, suggesting more bearish movement.