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Litecoin Price Prediction: LTC/USD Hovers at $171 as Bullish Sentiment Fades Away

LTC Price Prediction – January 10

LTC/USD is moving in sync with the rest of the cryptocurrency market and the coin may find support on approach to $160.

LTC/USD Market

Key Levels:

Resistance levels: $200, $210, $220

Support levels: $150, $140, $130

LTCUSD – Daily Chart

LTC/USD, which is the fifth-largest digital cryptocurrency in the world with the current trading volume of $11.4 billion, lost nearly 3.4% as the market opened today amid global correction on the cryptocurrency market.  Litec, off today’s high, registered at $186.34. The coin may settle below the 9-day moving average at $160, which now serves as an initial support level.

What to Expect from Litecoin (LTC)

If the nearest support of $160 gives way, the sell-off may come to play and it may be extended towards the psychological $155. At the moment, the bearish scenario is even more dominant as sellers continue to post firm commitments. Therefore, we could see a sharp drop in support of $150. Breaking the aforementioned support could further weaken the market to $140 and $130 support levels.

On the other hand, a higher possible swing may likely retest the previous resistance levels at $180 and $185. However, if the bulls manage to fuel the market with the mentioned resistance levels, traders may expect a further increase to $200, $210, and $220 resistance levels. Meanwhile, the technical indicator RSI (14) is now showing a downward trend, indicating the latest selling pressure on the market.

Against Bitcoin, the market has evolved for a while in a very different way. At the moment, bears and bulls are in a tug-of-war about who will dominate the market but currently moving under the 9-day and 21-day moving averages while the RSI (14) is suggesting a sideways movement.

LTCUSD – Daily Chart

Looking at the daily chart, the bulls are making effort in building the confidence to increase their entries. More so, if the bulls succeed in the broken above the moving averages, one would expect the market to reach the resistance level of 4900 SAT and 5100 SAT. Meanwhile, a retest could bring it down to 3900 SAT and 3700 SAT support levels.

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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.