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Litecoin Price Prediction: LTC/USD Penetrates the Price Level of $70, Is $65 Next?

LTC Price Prediction – February 20

The Litecoin price saw a sharp decline of around 1.73% within 24 hours and it is currently trading at $69.45.

LTC/USD Market

Key Levels:

Resistance levels: $80, $85, $90

Support levels: $60, $55, $50

LTCUSD – Daily Chart

The Litecoin price has plummeted pretty aggressively over the past 24 hours as it dropped below the support at $80 to reach the current support at $69.45. LTC/USD has been on a bearish trend since February 15 as the cryptocurrency made new month low at $67.41. At the time of writing, Litecoin (LTC) is currently trading below the 9-day and 21-day moving averages as the price is about to cross below the lower side of the ascending channel.

However, the more the LTC/USD pair fails to recover from the current trading levels, the greater the chances that we may see the cryptocurrency falling to a new month trading low. A break below the $65 support level may provoke an even deeper decline towards the $60, $55 and $50 levels. Meanwhile, the short-term technical analysis shows that the $68 and $67 levels are currently the strongest forms of technical support before the $66 level starts to come into focus.

Moreover, looking at the daily chart, a break above the 9-day and 21-day moving averages at $78 level will propel Litecoin to a high of $80, $85 and $90 resistance levels. Meanwhile, the technical indicator RSI (14) is facing the south at the moment indicating that the bears may continue to dominate the market.

Against Bitcoin, LTC has been experiencing some difficulties, especially in the past few days. The coin recently broke under solid support at 7200 SAT and continued to fall through subsequent support level to 7100 SAT. The critical support level is located at the 6700 SAT and below.

LTCBTC – Daily Chart

However, if the bulls manage to power the market, we may likely find the resistance level at 7900 SAT and above. Meanwhile, the Litecoin price is currently changing hands at 7172 SAT but a surge in volatility may occur as the RSI (14) moves below 45-level which suggests that more bearish signals may play out.

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.