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Litecoin Price Prediction: LTC/USD Couldn’t Move Above $48; Price Follows the Downtrend

LTC Price Prediction – June 8

Litecoin (LTC) saw a sharp price decline of around 1.07% at the time that the market opens and it currently trades at $46.14.

LTC/USD Market

Key Levels:

Resistance levels: $50, $52, $54

Support levels: $42, $40, $30

LTCUSD – Daily Chart

LTC/USD is having a hard time deciding which direction to take. A few days ago, the cryptocurrency couldn’t break $48 and was rejected yesterday as well. More importantly, the bulls need to climb above $50 convincingly as a clear break of $50 could take the coin up to $60 level.

However, if the nearest support of $45 gives way, the sell-off may come to play and it may be extended towards the psychological $44 and also $43. At the moment, the bearish scenario may be more dominant if sellers continue to post firm commitment as the RSI (14) is now showing a downward trend, indicating the latest selling pressure on the market.

More so, we could see a sharp drop below the lower boundary of the channel. Breaking this trend line could further weaken the market to $42, $40 and $38. In other words, a higher possible swing may likely retest the previous resistance levels above the 9-day and 21-day moving averages. Meanwhile, if the buyers manage to fuel the market more, traders may expect a further increase to $50, $52 and $54 resistance levels.

Against Bitcoin, LTC is still following the downward movement, as the coin recently exploded under the moving averages while trading at 4747 SAT and continues to fall towards the 4700 SAT. The critical support level is located below the channel at 4500 SAT and below.

LTCBTC – Daily Chart

However, any attempt by the bulls to re-power the market, the coin may likely cross above the moving averages and the upper boundary of the channel to reach the resistance level at 5100 SAT and above. Meanwhile, the price of Litecoin is currently following a downward movement as the RSI (14) moves below 45-level.

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.