Litecoin Price Prediction – May 22
The Litecoin price is moving down synchronously within the market and the sell-off may be extend below the lower boundary of the channel.
Resistance levels: $280, $300, $320
Support levels: $70, $50, $30
LTC/USD is changing hands to $175.27 as the price is down by 2.77%. The coin is moving synchronously around the lower boundary of its channel.
The Litecoin price is mainly influenced by speculative sentiment and technical factors, while fundamental developments remain in the shadows. However, the cryptocurrency market is known for its strong herd behaviour, with strong movements either to the downside or upside.
Litecoin Price Prediction: More Falls May Come to Play
During the European session, LTC/USD moved above the $180 level, as bulls couldn’t hold the ground and the coin later moved below the opening price of $180.33. In addition, the widespread retracement in the market may push the crypto below the channel, with the next near-term support created by $160.
Moreover, any dropping below the lower boundary of the channel is likely to see the coin gain further downward traction, with the next focus on $70, $50, and $30 support levels. On the upside, the initial resistance is created above the 9-day moving average at $250. Traders may need to see a sustainable move above this level to test $270.
Furthermore, any continued bullish movement could touch the $280, $300, and $320 resistance levels despite the fact that the daily Relative Strength Index (14) is seen moving towards the oversold region, suggesting more bearish signals.
Against Bitcoin, the Litecoin price is in a downward trend, as the coin remains below the 9-day and 21-day moving averages. Therefore, bulls may need to push the market above the 9-day and 21-day moving averages to find any momentum, but the RSI (14) technical indicator keeps to the negative side. However, the critical support level is located around the 3600 SAT and below.
Moreover, if bulls re-power the market, the Litecoin price may move towards the north to look for the potential resistance level at 5800 SAT and above. Meanwhile, LTC/BTC is currently changing hands to 4573 SAT and a spike in volatility could occur if the technical indicator forms a new trend.
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