Litecoin Price Prediction: LTC/USD Corrects Below $120 Support

Litecoin Price Prediction
Litecoin Price Prediction

Litecoin Price Prediction – July 17

The Litecoin price keeps following a bearish movement within the channel as the coin aims to drop below $120.

LTC/USD Market

Key Levels:

Resistance levels: $150, $160, $170

Support levels: $95, $85, $75

Litecoin Price Prediction
LTCUSD – Daily Chart

LTC/USD drops by over 0.24% 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 $117.73 level. However, it seems that the bullish momentum is fading quickly as the technical indicator Relative Strength Index (14) plummets below 35-level. A break into the oversold zone may cause LTC/USD to remain at the downside as the bears take control of the market momentum.

Litecoin Price Prediction: Litecoin Price May Stay Below $120 Support

As the coin moves within the channel, in as much as the Litecoin price fails to rally from current trading levels, the greater the chance traders may see the cryptocurrency falling to another trading low. Meanwhile, a break towards the lower boundary of the channel may provoke another decline towards the support levels of $95, $85, and $75.

On the contrary, a break above the 9-day and 21-day moving averages may propel the Litecoin price to cross above the upper boundary of the channel which could push the coin to hit the potential resistance levels of $150, $160, and $170. Meanwhile, the Resistance Strength Index (14) is currently moving around 33-level, dropping below this level may cause the market to experience more downward trends.

Against Bitcoin, the Litecoin price is following a bearish movement below the 9-day and 21-day moving averages. The cryptocurrency on the market cap is finding its way toward the downside because the market movement has remained clouded by more red candles.

LTCBTC – Daily Chart

However, the Relative Strength Index (14) nosedives below 40-level, a bearish continuation may likely roll the market to the support of 3600 SAT with a possible break towards the lower boundary of the channel. Therefore, a further decline could be at the support level of 3400 SAT and below, which may establish a new low for the market. Meanwhile, any bullish movement above the upper boundary of the channel could hit the resistance level of 4300 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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