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Litecoin Price Prediction: LTC/USD Drops, Faces Stiff Opposition at $80 Resistance

Litecoin (LTC) Price Prediction – March 01

Recently, LTC/USD pair  was in an uptrend as the coin reached a high of $84 on February 14. Unfortunately, the upward move was interrupted as LTC reached the overbought region. Sellers were on hand to push the coin downward. LTC/BTC pair is also in an uptrend but battles the resistance at Ƀ0.0080000.

LTC/USD Market

Key Levels:
Resistance Levels: $80, $100, $120
Support Levels: $50, $40, $20

LTC/USD – Daily Chart

After its initial retracement from the overbought region, the bulls embarked on an important upward move but faces resistance at $80. Regrettably, the overhead resistance has not been broken since August 2019. Nonetheless, the bulls fail to break the overhead resistance as the market gradually falls. LTC initially dropped to the low of $72 but pulled back to $76. Later, the market drops to a low of $60.

Nevertheless, at the support of $60, LTC is consolidating. On the downside, if the selling pressure continues, LTC may drop again to $50 low. On the upside, if the current support holds, Litecoin will resume its upward move. Meanwhile, the coin has fallen to level 36 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and may fall. It is also below the centerline 50.

On the LTC/BTC chart, the bulls made an upward move to reach a high of Ƀ0.0080000. In the first instance, the bulls were resisted and the coin fell to the low of Ƀ0.0070000. The bulls made a retest at the overhead resistance but were repelled.

LTC/BTC – Daily Chart

The market formed a bearish double top after the resistance. A bearish double top is a reversal pattern that reverses an uptrend. LTC/BTC pair drops to the low of Ƀ0.006915 and resumed consolidation above the current support. After consolidation, if the current support holds, the upward move will resume. On the other hand, a drop to the low of Ƀ0.0060000 is possible.

 

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.