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Litecoin Price Prediction: LTC/USD Drops to $41; Price Badly Affected by Downtrend

LTC Price Prediction – June 15

Today, the Litecoin’s price drops below the channel following the current bearish action in the market.

LTC/USD Market

Key Levels:

Resistance levels: $48, $50, $52

Support levels: $40, $38, $36

LTCUSD – Daily Chart

The daily chart reveals that LTC/USD has been recording some losses in 2 days consecutively. LTC/USD started following the bearish trend since the beginning of this month as the cryptocurrency made new month low today at $41.59. At the time of preparing this article, the Litecoin price is currently trading below the 9-day and 21-day moving averages as the price may still cross below the lower boundary of the channel.

Meanwhile, as the coin fails to recover from the current trading levels, the more likely it is that we will see the cryptocurrency fall to a new trading low. A break below the $42 support level may provoke an even deeper decline towards the $40, $38, and $36 levels. The short-term technical analysis shows that the $43 and $41 levels are currently the strongest forms of technical support.

In other words, looking at the daily chart, a break above the $45 level may propel Litecoin to move towards the nearest resistance level of $47; a further push could take it to a high of $48, $50 and $52 resistance levels. As it stands now, the technical indicator RSI (14) faces the south and might cross below the 40-level which may cause the market to experience another deep fall.

Comparing with BTC, the Litecoin (LTC) is still experiencing another downtrend within the channel, especially in the past few days. The coin recently broke under solid support at 4700 SAT and continued to fall through subsequent support level to 4600 SAT. The critical support level is located at the 4300 SAT and below.

LTCBTC – Daily Chart

However, if the bulls manage to power the market, we may likely find the resistance level at 5000 SAT and above. Meanwhile, the Litecoin price is currently changing hands at 4640 SAT but a surge in volatility may occur as the RSI (14) may move into the 40-level, which suggests that more bearish signals may play out.

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.