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Litecoin Price Prediction: LTC/USD Fell Below $60, is $55 Next?

LTC Price Prediction – January 18

At market opening today, the LTC/USD price was observed following a bearish movement within the ascending channel.

LTC/USD Market

Key Levels:

Resistance levels: $68, $70, $72

Support levels: $54, $52, $50

LTCUSD – Daily Chart

A few days ago, LTC/USD recorded some losses in 2 days consecutively but the improvement that the coin faced yesterday was long-lived and the price was later back to around $60.88 where it closed. Yesterday, the price peaked at $63.07 and a low at $56.97, but currently, it seems the coin is heading back towards the immediate support level of $58.

However, in as much as the coin fails to rally from current trading levels, the greater the chance that we may see the cryptocurrency falling to another new trading low. A break below the $58 support level may provoke an even deeper decline towards the $54, $52 and $50 levels. The short-term technical analysis shows that the $55 and $54 levels are currently the strongest forms of technical support.

In other words, looking at the daily chart, a break above the $62 level will propel Litecoin to move the nearest resistance level of $65; a further push could take it to a high of $68, $70 and $72 resistance levels. Meanwhile, the RSI (14) is still within the overbought zone but preparing to move out of the territory which may likely cause the market to experience some downward trends.

When compared with Bitcoin, LTC is experiencing some difficulties, as the coin recently exploded under the solid support of 6800 SAT and continued to fall towards the 6700 SAT. The critical support level is located below the 9-day moving average at level 6300 SAT and below.

LTCBTC – Daily Chart

However, any attempt by the bulls to re-power the market, the coin can likely cross the ascending channel and find the resistance level at 7300 SAT and above. Meanwhile, the price of Litecoin is currently changing hands to 6739 SAT and a spike in volatility could occur as the stochastic RSI is still moving within the overbought area.

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.