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Litecoin Price Prediction: LTC/USD Receives a Pat on the Back, Shoots by 5.52% Within 24 Hours

LTC Price Prediction – April 6

Today, the Litecoin (LTC) gains 5.52% in the last 24 hours to touch $43.10.

LTC/USD Market

Key Levels:

Resistance levels: $50, $52, $54

Support levels: $33, $31, $29

LTCUSD – Daily Chart

Today, after the coin tested $41 on the daily chart, LTC/USD underwent a much-needed break to the positive side. The coin posted gains of over 5.52% in the last 24 hours, with the coin trading above the 9-day and 21-day moving averages at a price of $42.61 at the time of writing while the signal line of RSI (14) moves into the positive side.

However, the market is currently displaying a sign of subduing volatility with price ready to cross above the channel. Meanwhile, taking a look at the daily chart, we can see that the trading volume is rising slowly. If the LTC/USD pair decides to stay under the control of the bulls, the price may roll to the nearest resistance at $50, $52 and $54 levels. But on the downside, any movement below the moving averages may bring the price to the support of $33, $31 and $29 levels.

When compared with Bitcoin, Litecoin price is making an attempt to cross above the 9-day and 21-day moving averages in other to reach the resistance at 0.0062 BTC. Unless this coin crossed above the moving averages and the price ends up closing above it, there might not be any reason to expect the long-term bullish reversal.

LTCBTC – Daily Chart

However, trading below the nearest support could refresh lows under 0.0058 BTC and a possible bearish continuation may likely meet the major support at 0.0057 BTC before falling to 0.0056 BTC and below while the buyers may push the market to the potential resistances at 0.0064 BTC and above. The RSI (14) is seen moving above 40-level for more bullish signals.

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.