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Litecoin Price Prediction – LTC/USD Faces Downtrend, Can The Bulls Break $51 Hurdle?

LTC Price Prediction – April 30

The Litecoin price managed to fend off $50 for now but the bearish signals are still very much around.

LTC/USD Market

Key Levels:

Resistance levels: $58, $60, $62

Support levels: $36, $34, $32

LTCUSD – Daily Chart

Today, LTC/USD is looking bearish as the price tested and printed below $50 to touch the low of $45.98 support level. The price is still trading above the 9-day and 21-day moving averages within the ascending channel. Looking at the indicators now the RSI faces down by moving below 60-level. The volume has also picked up as the selling kicked in. Therefore, $45 may now be the main level of support that needs to be watched.

Moreover, LTC/USD started with a trading price of above $49.06 and now hovering at $46.89. More so, after the price touches the high of $51.04, the bears grabbed it from there and dragged it below the point where it started trading today. With this fall, the coin might not be able to maintain its effectiveness before showing some signs of downward trends.

However, the intraday movement of the coin is quite unstable, but starting at $46.89, a rebound may likely occur if the bulls can put more effort and push the Litecoin price to cross above the upper boundary of the channel. The potential resistances to watch are $58, $60 and $62 while the supports are $36, $34 and $32 levels.

When compares with BTC, the Litecoin performance has been very low due to a bearish recurring. The pair is trading below the 9-day and 21-day moving averages and it may likely see another sharp drop at 5300 SAT support level. Breaking this level could further drag the market to the nearest support levels at 4900 SAT, 4700 SAT, and 4500 SAT.

LTCBTC – Daily Chart

However, LTC/BTC is currently changing hands at 5392 SAT but if the bulls can hold the price tight and push it above the moving averages to break out of the channel, the next key target price may likely be at 6500 SAT and above. Meanwhile, the RSI (14) is dropping towards the 30-level; possible selling pressure is likely if it continues like this.

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.