Litecoin Price Prediction: LTC/USD Is in an Oversold Condition Preparatory to Breakout

Litecoin (LTC) Price Prediction – December 12

In Litecoin versus the US dollar, the coin is in the oversold region suggesting bulls to take control of price. The LTC/BTC pair is fluctuating in a price range to determine the next move of the coin.

LTC/USD Market

Key Levels:
Resistance Levels: $80, $100, $120
Support Levels: $50, $40, $20

LTC/USD – Daily Chart

Today, LTC/USD is trading in a small price range of $42 and $50. The price movement has been slow because of low volatility. The breaking of the levels of  price range will determine the direction of the coin. However, according to the Fibonacci tool, Litecoin will fall and reverse at the low of 1.272 extension level which is equivalent to $55.

From the price action, Litecoin is fluctuating between the levels of $42 and $50. A break below $42 will depreciate Litecoin to the low of $36. Similarly, a break above $50 will propel Litecoin to a high of $60 or $66. Meanwhile, the Relative Strength Index Period 14 level 32 indicates that the coin is approaching the oversold region.

LTC/BTC – Daily Chart

In the LTC/BTC pair, the coin is in the range-bound move between the levels of Ƀ0.00600 and Ƀ0.007500. The coin was previously in a bear market before it fell to the low of Ƀ0.00600. It is now in a sideways trend. The bears are still mounting pressure at the support line on more than three occasions to break it. The resistance line has been tested twice. Nevertheless, price is consolidating above the support line; a break below it will further depreciate the coin. Meanwhile, the LTC/BTC pair is in the oversold region making a U-turn below the 20% range of the daily stochastic. This indicates that the market is in bullish momentum.

 

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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.