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Litecoin Price Prediction: LTC/USD Bulls Dominate as the March towards $80 Level Begins

LTC Price Prediction – February 22

The Litecoin price is currently changing hands at $75.67 as the technical indicator moves above the 55-level.

LTC/USD Market

Key Levels:

Resistance levels: $84, $86, $88

Support levels: $64, $62, $60

LTCUSD – Daily Chart

LTC/USD is trading in the green in today’s session; the coin is seen trading above the 9-day and 21-day moving averages where the coin has gained over 3.08%. The Litecoin bulls broke out from a bearish formation and start moving upward but the price action is capped to the upside at $77 and supported the downside at $68, within tight conditions.

Moreover, a few days ago, Litecoin (LTC) price was trapped in an incredible downward movement after the bullish rally has failed to materialize several times. LTC/USD has failed to break out towards the resistance level of $85. Instead, the bears are trying to force their way back to the $65 support level.

However, a break below the $65 support level may provoke an even deeper decline towards the $64, $62 and $60 support levels. Looking at the RSI (14), the Litecoin price has found its way to the upside, indicating that the bulls may continue to push the coin towards the north, then the price may likely hit the resistance levels of $68, $70 and $72 respectively.

Compared to Bitcoin, the price in Litecoin is slightly changing within the channel and above the 9-day and 21-day moving averages. With the recent rebound, the sixth best-performing cryptocurrency has started moving towards the north because the shares on prices have remained clouded by bullish prices since the daily opening.

LTCBTC – Daily Chart

However, as the RSI (14) moves around level-60, a bullish step back is likely to roll the market back to 0.0080 BTC with a possible break above the moving averages and move towards the 0.0083 BTC and 0.0085 BTC resistance levels, establishing a new monthly high for the market. In other words, any attempt by the bears to drag the price below the channel, it could hit the nearest support at 0.0072 BTC and beyond.

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.