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Litecoin Price Prediction: LTC/USD May Retreat To $40 Before The Recovery Resumes

LTC Price Prediction – July 17

Litecoin witnessed a sharp 3.21% price fall within 24-hours, bringing the price of the cryptocurrency down to $40.86.

LTC/USD Market

Key Levels:

Resistance levels: $46, $48, $50

Support levels: $38, $36, $34

LTCUSD – Daily Chart

The daily movement of LTC/USD has not been impressive since 6 days ago. Most importantly, if the Litecoin (LTC) improves in the last hours of the day, the intraday traders may expect a positive close. At present, most of the top cryptocurrencies are under tremendous selling pressure.

The Litecoin is on the verge of turning neutral again if it falls beneath the support at $41. It would need to fall further beneath $40. If the sellers do push Litecoin beneath the mentioned-support, provided by the short term, traders can expect additional support at $38. This is then followed with added support at $36 and $34 levels below the 9-day and 21-day moving averages.

On the upside, resistance lies at $44 and $45 which is above the moving averages, higher resistance lies at $46, $48, and $50. The stochastic RSI has dipped beneath the 55-level which is very bad news as it shows that the sellers continue to dominate the market momentum. For any bullish movement, the technical indicator would need to climb back above 60-level to take control again.

Comparing with BTC, we can see that the coin is moving sideways on the daily price chart. At the moment, the market price is falling while the sellers are posing more threat to the 4500 SAT support level where the nearest target lies. Meanwhile, an eventual break may likely lead to the collapse of the coin.

LTCBTC – Daily Chart

However, as the technical indicator stochastic RSI moves below 60-level, any further bearish continuation could meet the major support at 4400 SAT before falling to 4350 SAT and below. But if the buyers could summon the courage and return the price back above the moving averages, it may likely hit the potential resistance at 4900 SAT, 5000 SAT, and 5100 SAT respectively.

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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.