Litecoin Price Prediction: LTC/USD Fails to Settle Above $40; Does Not Seem to Be a Good Day for Traders

LTC Price Prediction – December 19

LTC price experienced rejection at $40, after which the coin retested but currently pulling back slowly.

LTC/USD Market

Key Levels:

Resistance levels: $48, $50, $52

Support levels: $30, $28, $26

LTCUSD – Daily Chart

A few days ago, LTC/USD recorded losses consecutively but the improvement the coin faced yesterday was short-lived and the price is back to around $39. Yesterday, the price peaked at $41 and a low at $36, but currently, it seems to be heading towards the immediate support level of $38.

Looking at the daily chart, we can see that LTC is still sitting at $39. If the price level can be maintained as the stochastic RSI is about moving above the 40-level, we could consider a buyback with $40 resistance before breaking the channel to move above the 9-day and 21-day moving averages to reach the resistance levels of $48, $50 and $52. But as it stands now, the bears may likely visit the close supports before climbing higher.

Nevertheless, LTC/USD is still trading well in a descending channel formation, which shows that the market is undecided. If the price fluctuates towards the lower boundary of the channel, which corresponds to the support at $35, we can expect the LTC market to resume its downward pressure and the price may likely slip to the critical supports of $30, $28 and $26 respectively.

When compared with Bitcoin, LTC is experiencing some difficulties, as the coin recently exploded under the solid support of 5600 SAT and continued to fall towards the 5500 SAT. The critical support level is located at level 5100 SAT and below.

LTCBTC – Daily Chart

However, any attempt by the bulls to power the market, the coin can likely be pushed above the moving averages and later find the resistance level at 6150 SAT and above. Meanwhile, the price of Litecoin is currently changing hands to 5584 SAT and a spike in volatility could occur as the stochastic RSI is about to enter the oversold area.

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About AzeezMustaph

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.