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Litecoin Price Prediction: LTC/USD Gets Rejected at $196

Litecoin Price Prediction
Litecoin Price Prediction

Litecoin Price Prediction – October 30

The Litecoin price faces a sharp price decline of around 2.57% at the time that the market opens and it is currently trading at $191.64.

LTC/USD Market

Key Levels:

Resistance levels: $215, $225, $235

Support levels: $170, $160, $150

Litecoin Price Prediction
LTCUSD – Daily Chart

The daily chart reveals that LTC/USD is trading in red as the coin slides below the 9-day moving average heading towards the 21-day moving average. During the European session today, the cryptocurrency couldn’t break $196 and it’s been rejected. More importantly, the bulls may need to push the coin towards the upper boundary of the channel convincingly as a clear break of this barrier could take the coin up to the $200 level.

Litecoin Price Prediction: Litecoin Price May Head to the Negative Side

According to the daily chart, the Litecoin price is seen following the bearish movement as the coin touches the daily low at $189. Therefore, if the nearest support of $190 gives way, the sell-off may come to play and it may be extended towards the psychological $180. However, sellers may be more dominant if the bears continue to post firm commitment as the technical indicator Relative Strength Index (14) shows a downward trend, indicating the latest selling pressure on the market.

Moreover, traders could see a sharp drop below the 21-day moving average and below this barrier could further weaken the market which may hit the supports at $215, $225, and $235. Meanwhile, a possible swing towards the upside may likely retest the previous resistance levels above the upper boundary of the channel and if the buyers manage to fuel the market once again, traders may expect a further bullish movement to the resistance levels of $170, $160, and $150.

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.  At the time of writing, the Litecoin price is hovering within the 9-day and 21-day moving averages. However, crossing below the moving averages may reach the critical supports at 2800 SAT and below.

LTCBTC – Daily Chart

More so, there’s no sign of a bullish move for the Litecoin market at the moment but if a bullish move occurs and validates a break above the upper boundary of the channel and could hit the nearest resistance at 3300 SAT; traders can then confirm a bull-run to the potential resistance at 3500 SAT and above.

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