Litecoin Price Prediction: LTC/USD Recovers Above $68, Further Upside Is Imminent

LTC Price Prediction – January 30

LTC/USD gains 14.69% in the last 24 hours to touch $69. It may find the next resistance at $72.

LTC/USD Market

Key Levels:

Resistance levels: $78, $80, $82

Support levels: $55, $53, $51

LTC/USD is trading in the green in today’s session, moving within the ascending channel where the coin has gained over 14.69%. LTC/USD bulls broke out from a narrowing range-block formation and move above the 9-day and 21-day moving averages but the price action is capped to the upside at $68.38 and supported the downside at $58, within tight conditions.

A few days ago, Litecoin (LTC) price was trapped in an incredible fifteen days narrow trading range after the bullish rally has failed to materialize several times. More so, LTC/USD has failed to clear the hurdles towards the resistance level of $59. Instead, the bears are trying to force their way back to the $53 support level.

However, a break below the $53 support level may provoke an even deeper decline towards the $55, $53 and $51 support levels. Looking at the stochastic RSI indicator, LTC/USD may exhibit the tendencies to move higher after the coin ranges for a few days. Meanwhile, as it stands now, the technical indicator may likely aid the movement of the coin to the north as the signal lines move towards 60-level.

Moreover, the bulls are still making more effort to push the price across the ascending channel, then if this is done, it’s likely for the price to reach the resistance levels of $78, $80 and $82 respectively. Therefore, any movement above these key resistance levels may encourage further LTC/USD buying.

Against BTC, Litecoin (LTC) is making an attempt to cross the upper boundary of the channel in other to reach the resistance at 7500 SAT. Unless this resistance is effectively exceeded and the price eventually closes above it, there might not be any reason to expect the long-term bullish reversal.

However, trading below the 9-day and 21-day MAs could refresh lows under 6400 SAT and a possible bearish continuation may likely meet the major support at 6200 SAT before falling to 6000 SAT and below while the buyers may push the market to the critical potential resistances at 7700 SAT and above as the stochastic RSI indicator is moving out of the oversold zone.

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