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Litecoin Price Prediction: LTC/USD is Yet to Take A Trading Direction; Trades at $43

LTC Price Prediction – February 15

Litecoin (LTC) remains in the bullish hands after the recent reversal embraced support at $42.95.

LTC/USD Market

Key Levels:

Resistance levels: $50, $52, $54

Support levels: $38, $36, $34

LTCUSD – Daily Chart

LTC/USD is down with 0.95% as the market opens today amid global correction on the cryptocurrency market. The Litecoin (LTC) is changing hands at $43.79 after touching the high of $44.70 in the early hours of today. The coin may settle below the 9-day and 21-day moving averages at $43, which now serves as an initial support level.

However, if the support of $43 gives way, the sell-off may come to focus and it may be extended below the channel at $42. At the moment, the bearish scenario seems more dominant as sellers continue to post firm commitments. We could see a sharp drop in support of $41 and $40. Breaking the aforementioned supports could further weaken the market to $38, $36 and $34.

On the upside, a higher possible swing may likely retest the previous resistance levels at $46 and $48. However, if the bulls manage to fuel the market with the mentioned resistance levels, traders may expect a further increase to $50, $52 and $54 resistance levels. RSI (14) now nosedives to 50-level, indicating the latest selling pressure on the market.

Compared to Bitcoin, the price of Litecoin is slightly changing within the channel and above the 9-day moving averages. With the recent rebound, the seventh best-performing cryptocurrency has started moving towards the north because the shares on prices have remained clouded by bullish prices since the daily opening.

LTCBTC – Daily Chart

However, as the RSI (14) moves to cross above the 40-level, a bullish step back is likely to roll the market back to 0.0048 BTC with a possible break above the moving averages and move towards the 0.0052 BTC and 0.0054 BTC resistance levels, establishing a new high for the market. In other words, any attempt by the bears to drag the price below the channel could hit the nearest support at 0.0042 BTC and beyond.

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.