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Litecoin Price Prediction: LTC/USD Aims to Make a Breakout Attempt Above $65 Level

LTC Price Prediction – March 2

LTC/USD may likely set a bullish run if the market can climb back above the $70.

LTC/USD Market

Key Levels:

Resistance levels: $70, $75, $80

Support levels: $45, $40, $35

LTCUSD – Daily Chart

As of now, LTC/USD is showing a positive movement over the past few hours. The market is actually running a little retracement move towards $65 with a price growth of 6.92%. Despite today’s gain, Litecoin (LTC) is still maintaining an upward movement within the ascending channel. We 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 $55 and $50 support. If the price can keep respecting the upward movement, we can then expect a bullish continuation after testing the $65 support. As the technical indicator, RSI (14) moves to cross above the 40-level, the next level of resistance to keep an eye on is the $70, $72 and $74 in the long-term.

However, if the coin can continue to maintain the rising channel pattern for the next couple of days, we may witness a more bullish trend. But looking at the price formation, a bearish breakout may likely play out for this market. Meanwhile, LTC/USD still remains bearish in the short-term. Inversely, a bearish extension could roll the coin back to the long-term support at $45, $40 and $35 levels. Therefore, a continuous fall might further lead to a violent break below $30.

Against Bitcoin, the buyers are about stepping back into the market while the coin is trying to show some promising signs that could make higher highs should it continue to move towards the 9-day and 21-day moving averages. From the upside, the nearest level of resistance lies at 7100 SAT and above this, higher resistance lies at 7400 SAT and 7600 SAT.

LTCBTC – Daily Chart

In other words, from downside; the nearest levels of support are 6600 SAT and beneath this, further support lies at 6400 SAT. If the price drops further to create a new low, lower support is located at 6300 SAT and 6100 SAT. The RSI (14) has already crossed above the 40-level which shows that the bulls are coming into focus.

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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