InsideBitcoins.com

Litecoin Price Prediction: LTC/USD May Extend Correction to $140 Before Pushing Higher Again

LTC Price Prediction – January 4

Litecoin market witnesses a drop today, amounting to a 4% loss with a current trading price around $155.

LTC/USD Market

Key Levels:

Resistance levels: $185, $190, $195

Support levels: $125, $120, $115

LTCUSD – Daily Chart

According to the daily chart, LTC/USD is currently changing hands at $155.06, down with 4% loss. The coin is now recovering from the intraday low of$140, but the upside momentum is quite slow. However, if the market reclaims the positive momentum, the Litecoin price would continue to respect the channel pattern. Otherwise, more breakdowns may likely play out in the market.

What to Expect from Litecoin (LTC)

The Litecoin (LTC) is seen trading above the 9-day and 21-day moving averages. Therefore, a possible retracement below the moving averages may drag the price to the supports level of $125, $120, and $115 supports, creating a new monthly and yearly low. But if bulls decide to move the market price upward, buying pressure may experience further bullish movements to the potential resistance at the $175 and $180.

Meanwhile, as it appeared now, there’s a need for a pullback for the market to regain strength. A sustainable move above the upper boundary of the channel is needed for the upside to gain traction with the next focus on $185, $190, and $195 resistance levels.

When compares with Bitcoin, the Litecoin price is following a bearish sentiment now as the coin suffers a slight downtrend pressure from Bitcoin. However, if the bulls attempt to gain momentum, the bears are likely to keep releasing a huge pressure on the market as the technical indicator RSI (14) may head to the south.

LTCBTC – Daily Chart

Moreover, if the Litecoin falls below the 9-day and 21-day moving averages, it could significantly lower the price to 4300 SAT and below. In case of a rebound, the coin can test the 5400 SAT above the channel before resuming the rally. If the bulls manage to stay well above this level, traders could see a bull-run to the resistance level of 5600 and above.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      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.