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Litecoin Price Prediction: LTC/USD Recovers to $173

Litecoin Price Prediction
Litecoin Price Prediction

Litecoin Price Prediction – June 17

The daily chart shows Litecoin price changing hands at $169 level as the technical indicator RSI (14) moves above 40-level.

LTC/USD Market

Key Levels:

Resistance levels: $250, $270, $290

Support levels: $100, $80, $60

Litecoin Price Prediction
LTCUSD – Daily Chart

LTC/USD has been experiencing several bad hits as the coin fell through multiple support levels, eventually hitting a low of about $165 today. According to the daily chart, Litecoin (LTC) has been working on its recovery while the coin hovers at $169.69, with 1.85% in the green.

The Litecoin price has been trapped in an incredibly narrow trading range since the beginning of this month, as the bullish rally failed to materialize several times.

Litecoin Price Prediction: Can LTC Price Break to the Upside?

According to the daily chart, the Litecoin price is seen trading within the 9-day and 21-day moving averages as the Litecoin (LTC) is yet to clear the hurdles towards the resistance level of $175. Apart from this, bears are seen making an effort to force their way back to the $160 support level.

A break below the $130 support level may provoke an even deeper decline towards the $100, $80, and $60 support levels. Looking at the Relative Strength Index (14), Litecoin may exhibit the tendencies to follow an upward trend as the signal line is still moving above 40-level.

Meanwhile, if the bulls can gather enough strength and push the market above the 9-day and 21-day moving averages within the channel, then there are possibilities that Litecoin price may likely hit the resistance levels of $250, $270, and $290 respectively. Therefore, further movement above these key resistance levels could encourage more buying.

When compared with Bitcoin, the Litecoin price is making an attempt to cross above the 9-day and 21-day moving averages but failed to do so. However, the red-line of 9-day MA is still below the green-line of 21-day MA which may cause the coin to remain on the negative side.

Unless the bulls effectively push the market price above this moving averages and the price ends up closing above it, there might not be any reason to expect a long-term bullish reversal in the market.

LTCBTC – Daily Chart

Meanwhile, trading below the lower boundary of the channel could revisit lows under 4200 SAT and a possible bearish continuation may likely meet the major support at 4000 SAT before falling to 3500 SAT and below while the potential resistance level is located at 5300 SAT and above. In other words, the Relative Strength Index (14) crosses below 40-level to give bearish signals.

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