LTC Price Prediction – January 5
The price of the Litecoin is currently changing hands at $43.87. The stochastic RSI indicator moves into the overbought zone.
Resistance levels: $48, $50, $52
Support levels: $40, $38, $36
Litecoin price is trading in the green in today’s session, moving above the 9-day and 21-day moving averages where the coin has gained over 2.5%. LTC/USD bulls broke out from a narrowing range-block formation but the price action is capped to the upside at $44 and supported the downside at $38, within tight conditions.
Furthermore, Litecoin (LTC) price was trapped in an incredibly narrow trading range after a few days ago, the bullish rally has failed to materialize several times. The coin has failed to clear the hurdles towards the resistance level of $45. Instead, the bears are trying to force their way back to the $42 support level.
However, a break below the $40 support level may provoke an even deeper decline towards the $38 and $36 support levels. Looking at the stochastic (RSI), Litecoin may exhibit the tendencies to follow an upward trend as the coin moves into the overbought zone; the indicator may remain stable at the average.
Moreover, if the bulls can put more effort and push the market towards the upper boundary of the channel, then the price may likely hit the resistance levels of $48, $50 and $52 respectively. Any movement above these key resistance levels should, therefore, encourage further buying.
Meanwhile, when compared with Bitcoin, Litecoin price is making an attempt to cross the upper boundary of the channel in other to reach the resistance at 5900 SAT. Unless this resistance is effectively exceeded and the price ends up closing above it, there might not be any reason to expect the long-term bullish reversal.
However, trading below the moving averages could refresh lows under 5800 SAT and a possible bearish continuation may likely meet the major support at 5600 SAT before falling to 5400 SAR and below while the buyers may push the coin to the potential resistance at 6100 SAT and above. More so, the stochastic RSI re-entered the overbought zone again to give more bullish signals.
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