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Litecoin Price Prediction: LTC/USD Ranges As The Coin Needs To Take Out The $50 Resistance Level

LTC Price Prediction – June 4

The Litecoin (LTC) may need to stage a meaningful short-term rally or the cryptocurrency could see a worrying decline back towards the $45 support level.

LTC/USD Market

Key Levels:

Resistance levels: $54, $56, $58

Support levels: $42, $40, $38

LTCUSD – Daily Chart

LTC/USD is still trapped in an incredibly narrow trading range after a bullish rally failed to materialize. An early day rally towards the $50 level failed to generate sustainable gains, with the LTC/USD pair soon slipping back under the $48 level. The longer that the LTC/USD pair fails to rally from current trading levels, the greater the chance that we may see the cryptocurrency falling to a new multi-month trading low.

Meanwhile, a break below the 9-day and 21-day moving averages may provoke an even deeper decline towards the $42, $40, and $38 support levels. Short-term technical analysis shows that the $45 and $44 levels are currently the strongest forms of technical support before the $43 level starts to come back into focus.

Moreover, the daily chart highlights that the $50 level is a key technical region in which bulls need to break. Further bullish movement across the channel could reach the resistance levels at $54, $56 and $58. Furthermore, the technical indicator RSI (14) is currently moving around 55-level which may likely cause the market to start moving sideways.

With Bitcoin comparisons, the market has evolved for a while in a very different way. But currently, sellers and buyers are trying to decide who will control the market but currently moving above the 9-day and 21-day moving averages around the upper boundary of the channel while the RSI (14) moves below 50-level which may welcome bearish signals into the market.

LTCBTC – Daily Chart

However, the technical indicator is seen giving the sellers the confidence to increase their entries. More so, if the bears succeeded in the broken price, one would expect the market to fall to the support level of 4400 SAT and below. Meanwhile, a rebound could increase it to the 5300 SAT and 5500 SAT.

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.