Litecoin Price Prediction: LTC/USD Market Recesses in the Range Zones

Litecoin Market Recesses in the Range Zones – June 16
The trading operation pairing Litecoin with the US Dollar market recesses in the range zones that the crypto-altcoin has been maintaining over time. Price now trades $168 level at a negative value rate of around -3.74 percent.

Market Recesses in the Range Zones: LTC Market
Key Levels:
Resistance levels: $200, $250, $300
Support levels: $150, $130, $110

LTC/USD – Daily Chart
The LTC/USD daily chart reveals the prolongation of range-bound trading situations of the crypto economy as the market recesses in the range zones. It is also seemingly depicted on the chart that there is a formation of smaller serial bearish candlesticks to somewhat denote the presence of a downward force. The 14-day SMA trend-line is yet located underneath the 50-day SMA indicator with a small space between. And, they point toward the east direction to affirm the occurrences of range price movements so far in the market. The Stochastic Oscillators are now attempting a crossing of the lines southbound at range 80. That signifies the possibility that the crypto may soon go under falling pressure.

 

Will there soon be a change in the LTC/USD price as the market recesses?

As the LTC/USD market recesses in the range zones, there has now been an indication that downward pressure will soon to some extent feature in the crypto economy. The immediate support level of $150 will be in focus while the presumed downward gets heightened in the long run. As a result that, the reading of the Stochastic Oscillators, would now have to be taken into consideration very closely in determining both the actual trending direction and its capacity.

The downside of the crypto economy may now have to be followed gently by bears as the present falling force takes its form very lightly. Traders ought to have as well launched a sell position close below the immediate resistance level of $200 to avoid unnecessary loss of grand to a sudden featuring of an upside. The lower level of $150 remains the critical support point that bears may be whipsawed at its lower spot.

LTC/BTC Price Analysis

The trending weight that exists between Litecoin and Bitcoin appears that the market recesses around a lower trading spot in an attempt to downsize. Therefore, the base trading instrument will probably lose more of its values on o lighter note at a later time. However, such a move may in no time lead to creating a stance for the base crypto to regain its lost energy against the counter trading instrument.

 

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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.