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Litecoin Price Prediction: LTC/USD Facing the Ultimate Make or Break Test at $42

LTC Price Prediction – April 4

LTC/USD is currently facing the ultimate breakout dilemma; would the breakout rally to $50 or a breakdown to $30?

LTC/USD Market

Key Levels:

Resistance levels: $50, $52, $54

Support levels: $30, $28, $26

LTCUSD – Daily Chart

LTC/USD has mainly underperformed since recovery was staged from the lows posted a few weeks ago. While the price crash has been devastating for traders, the LTC/USD recovery has not occurred compared to other major cryptocurrencies in the market. On the other hand, Litecoin only succeeded in testing the resistance at $43 without much success.

Meanwhile, at the time of writing, LTC/USD is trading at $40.37 where the intraday bullish action may close in this range but may likely test the resistance level of $41 before the end of trading today. The price is also moving above the 9-day and 21-day MAs whose breakout could be the stepping stone for LTC rally above $50. However, the lack of a breakout above $45 could also result in another breakdown below the support towards $30 level.

In this case, it is now up to the bulls to decide which direction the price would take; will it be towards $50 or a return to $30? But the RSI (14) is seen moving horizontally around 45-level. This clearly shows that at present, selling pressure is equivalent to buying pressure.

Consequently, sideways action could possibly occupy a center stage in the form of consolidation. The resistance levels to watch are $50, $52 and $54 while the support levels lie at $30, $28 and $26 respectively.

Against BTC, the Litecoin price continues to follow the downtrend. For a trend reversal, there’s a need for an increase in volume to cause an upsurge in the market.  Now, the coin is trading below the 9-day and 21-day moving average. We can expect close support at the 5700 SAT before breaking to 5550 SAT and critically 5350 SAT.

LTCBTC – Daily Chart

More so, there’s no sign of bullish move for the Litecoin market. However, if a bullish move occurs and validates a break significantly above the 9-day and 21-day MAs and hits the nearest resistance at 6200 SAT; we can then confirm a bull-run for the LTC/BTC pair. For now, the closest resistance lies at 6450 SAT and 6550 SAT.

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.