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Litecoin Price Prediction: LTC/USD Gets Ready for $50, After Defending $45 Crucial Support

LTC Price Prediction – June 6

The Litecoin price may continue to settle in a range between $42 and $48 as the RSI (14) moves in the same direction.

LTC/USD Market

Key Levels:

Resistance levels: $52, $54, $56

Support levels: $42, $40, $38

LTCUSD – Daily Chart

LTC/USD is still moving in sideways around the 9-day and 21-day moving averages within the channel. In fact, the cryptocurrency is trading in sideways after the bears took over from the bulls. Today, an early trading session touches the $45 level before rebounding to where it is trading currently at $46.93.

However, the longer the pair fails to rally from current trading levels, the greater the chance that we may see the cryptocurrency falling below the 9-day moving average. A break below the 21-day moving average may provoke an even deeper decline towards the $42, $40 and $38 levels.

Moreover, the daily chart reveals that LTC/USD needs to break the technical region of the $50 level which is above the moving averages for the coin to reach the resistance levels at $52, $54, and $56. Meanwhile, the technical indicator RSI (14) is moving in the same direction around the 55-level, which shows that the market is indecisive at the moment.

Against Bitcoin, the market is still following a sideways movement trading above the 9-day and 21-day moving averages around the upper boundary of the channel as the sellers and buyers are trying to decide who will control the market while the RSI (14) moves below 50-level which may welcome bearish signals in the nearest term.

LTCBTC – Daily Chart

However, any attempt by the bulls to re-power the market, the coin may likely find the resistance level at 5300 SAT and above. Meanwhile, the price of Litecoin is currently changing hands at 4841 SAT and a bearish movement below the channel could reach the supports at 4400 SAT and below.

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.