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Litecoin Price Prediction: LTC/USD Appears Bearish as Price Moves Below $235 Support

LTC Price Prediction – April 24

The Litecoin market witnesses a drop today, amounting to a 4.58% loss with a current trading price of around $230.

LTC/USD Market

Key Levels:

Resistance levels: $280, $290, $300

Support levels: $195, $185, $175

LTCUSD – Daily Chart

LTC/USD drops by over 4.5% over the past 24 hours of trading as the coin stays below the 9-day and 21-day moving averages to reach the daily low of $220.84 level. However, it seems that the bullish momentum is fading quickly as the technical indicator RSI (14) plummets below the 50-level. A break beneath 45-level may cause the coin to follow the downtrend as the bears may take control of the market momentum.

Where is LTC Price Going Next?

As the coin moves within the channel, since the Litecoin price fails to rally from the current trading levels, the greater the chance traders may see the cryptocurrency falling to another trading low. Meanwhile, a break below the lower boundary of the channel may provoke a quick decline towards the supports at$195, $185, and $175 respectively.

However, a break above the moving averages may propel the price of Litecoin to move towards the potential resistance levels of $280, $290, and $300. Meanwhile, the RSI (14) is currently facing the south as the signal line continues to face a downtrend which could cause the market to experience more negative signs.

Comparing with BTC, the price of Litecoin is following a bearish movement below the 9-day moving average. The cryptocurrency on the market cap is finding its way toward the 21-day moving average with the channel because the market movement has remained clouded by more red candles.

LTCBTC – Daily Chart

However, as the RSI (14) nosedives below 60-level, a bearish continuation may likely roll the market to the support of 4400 SAT with a possible break below the channel. A further decline could be at 4000 SAT and below, which may establish a new low for the market. Meanwhile, any bullish movement above the upper boundary of the channel may hit the resistance level of 5300 SAT and above.

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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.

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