Litecoin Price Prediction: LTC/USD Drops Below $58; Bears Now Back?

LTC Price Prediction – August 4

Litecoin market witnesses a slight drop, amounting to a 2.3% loss with a current trading price around $57.

LTC/USD Market

Key Levels:

Resistance levels: $64, $66, $68

Support levels: $52, $50, $48

LTCUSD – Daily Chart

At the time of writing, LTC/USD is changing hands at $57.14, down 2.39% on a day-to-day basis. The coin has recovered from the intraday low of$56.26, 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 would continue to respect the channel pattern. Otherwise, more breakdowns may occur.

What is the Next Direction for LTC/USD?

A possible retracement below the 9-day moving average may drag the price to $52, $50, and $48 supports, creating a new monthly low. But if the market price decides to move upward, 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. A sustainable move above the upper boundary of the channel is needed for the upside to gain traction with the next focus on $64, $66, and $68 resistance levels.

Against Bitcoin, the Litecoin price is following a bearish sentiment now as the coin suffers a slight downtrend pressure from Bitcoin. 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 stochastic RSI heads to the south.

LTCBTC – Daily Chart

Moreover, if the Litecoin falls below the support level of 5100 SAT, it could significantly lower the price to 4950 SAT and below. In case of a rebound, the coin can test the 5300 SAT above the channel before resuming the rally. If the bulls manage to stay well above this level, traders could see a bull-run to the resistance level of 5400 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.