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Litecoin Price Prediction: LTC/USD Bears Take Price Below $58; What’s Next?

LTC Price Prediction – September 3

The Litecoin (LTC) bears have retained control for the second straight day.

LTC/USD Market

Key Levels:

Resistance levels: $65, $67, $69

Support levels: $45, $43, $41

LTCUSD – Daily Chart

LTC/USD is currently changing hands at $53.18, down 8.47% on a day-to-day basis. The coin has recovered from the intraday low of$52, but the upside momentum is slow. LTC/USD continues to move within a short-term bearish trend amid low volatility. More so, if the market regains positive momentum, LTC price may continue to respect the channel pattern. Otherwise, more breakdowns may play out.

What is the Next Direction for LTC/USD?

A possible retracement below the lower boundary of the channel may drag the price to $45, $43, and $41 supports, creating a new monthly low. But if the market price decides to move above the 9-day and 21-day moving averages, buying pressure may further to potential resistance at the $60 and $62. As it appeared now, there’s a need for a pullback for the market to regain strength.

However, a sustainable bullish movement is needed for the upside to gain traction with the next focus on $65, $67, and $69 resistance levels. On the contrary, the technical indicator RSI (14) nosedives toward the 40-level, a possible cross below this level may result in tremendous bearish movement.

When compares with Bitcoin, the Litecoin price is currently following a bearish sentiment, trading under the 9-day and 21-day moving averages within the ascending channel. However, if the bulls attempt to gain momentum, the bears are likely to keep releasing a huge pressure on the market as the technical indicator RSI (14) slides below 45-level, suggesting more bearish signals.

LTCBTC – Daily Chart

However, if LTC/BTC falls below the lower boundary of the channel, it may likely hit the nearest support at 4800 SAT. Any further negative movement could significantly lower the price to 4600 SAT and below. In case of a rebound, the coin can test the 5300 SAT above the moving averages before resuming the rally. If the bulls manage to stay well above this barrier, traders could see a bull-run to the resistance level of 5400 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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