Litecoin Price Prediction: LTC/USD Drops to $153 Support

Litecoin Price Prediction – June 19

The Litecoin bears keep the market movement below the 9-day and 21-day moving averages following the current bearish action in the market.

LTC/USD Market

Key Levels:

Resistance levels: $220, $240, $260

Support levels: $100, $80, $60

LTCUSD – Daily Chart

The daily chart reveals that LTC/USD has been recording some losses for the past few days. The Litecoin price started following the bearish trend after the coin failed to stay above the $181 resistance level. However, the cryptocurrency is seen moving sideways as the Litecoin price touches the daily low at $153.31. At the time of writing, LTC/USD is currently trading below the 9-day and 21-day moving averages as the price may still drop toward the lower boundary of the channel.

Litecoin Price Prediction: LTC Price Setback Below $160

As the Litecoin price fails to recover from the current trading levels, it is likely that traders may see the coin fall to a new trading low as a further bearish movement may dip towards the support levels of $100, $80, and $60. However, the short-term technical analysis shows that the support at the lower boundary of the channel may likely serve as strong support for the coin.

Looking at the daily chart, a break above the 9-day and 21-day MAs at the $185 level may propel Litecoin price to move towards the nearest resistance level of $200; a further push could take it to the resistance levels of $220, $240, and $260 respectively. According to the daily chart, the technical indicator Relative Strength Index (14) crosses below the 40-level which may cause the market to experience another downfall.

When compares with Bitcoin, Litecoin (LTC) is still experiencing another downtrend below the 9-day and 21-day moving averages. The Litecoin price could break below the lower boundary of the channel and hit another solid support at 4000 SAT. The critical support level is located at the 3500 SAT and below.

LTCBTC – Daily Chart

However, if the bulls manage to push the market price above the 9-day and 21-day MAs, traders may find the potential resistance at 5300 SAT and above. Meanwhile, the Litecoin price is currently changing hands at 4318 SAT but a surge in volatility may occur as the Relative Strength Index (14) may remain below 40-level, suggesting more bearish signals.

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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.