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Litecoin Price Prediction – LTC/USD Reached $53; Does Not Seem to Be a Good Day for Traders

LTC Price Prediction – October 19

Despite the downward trend, Litecoin maintains a higher low pattern over a short-term descending channel.

LTC/USD Market

Key Levels:

Resistance levels: $58, $60, $62

Support levels: $48, $46, $44

LTCUSD – Daily Chart

Litecoin (LTC) recorded losses in the last two days. The improvement the coin faced yesterday was short-lived and the price is back to around $53. Yesterday, the price peaked at $55 and a low at $52, but currently, it seems to be heading towards the immediate resistance level.

Looking at the daily chart, we can see that LTC is still sitting at $53. If the price level can be maintained, we could consider a buyback with $54 resistance before breaking the channel and be above the 21-day moving average to reach the resistance levels of $58, $60 and $62. But as it stands now, the bears are attempting to visit close supports before climbing higher.

In addition, the Litecoin is still trading well in a descending channel formation, which shows that the market is undecided. If the price fluctuates below the channel limit, which corresponds to the support at $52, we can expect the LTC market to resume its downward pressure and the price could slip to the critical supports at $48, $46 and $44 respectively.

The MACD for Litecoin remains in negative areas, confirming the downward market dynamics. A drive above the zero-level can bring the market back into a green zone.

Compared to Bitcoin, the price in Litecoin is slowly changing in the channel and below the 21-day moving average. Despite the rebound, the third best-performing cryptocurrency remains to define a real direction because the shares on prices have remained clouded by bullish prices since the daily opening.

LTCBTC – Daily Chart

However, as the stochastic RSI moves above level-40, a bullish step back is likely to roll the market back to 0.0071 BTC resistance with a possible break out of the channel and move towards the 0.0073 BTC and 0.0076 BTC resistance levels, establishing a new monthly high for the market.

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.