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Litecoin Price Prediction: LTC/USD Recovers to $36, More Gains Incoming?

LTC Price Prediction – March 15

The price of the Litecoin is currently changing hands at $35.81 as the technical indicator moves above the oversold zone.

LTC/USD Market

Key Levels:

Resistance levels: $50, $52, $54

Support levels: $20, $18, $16

LTCUSD – Daily Chart

LTC/USD took several bad hits as the coin fell through multiple support levels, eventually hitting a low of about $25. Since then, Litecoin has been working on its recovery. At the time of writing, the Litecoin (LTC) price is hovering at $35.69, with 4.01% in the green. Furthermore, LTC/USD was trapped in an incredibly narrow trading range after a few days ago; the bullish rally has failed to materialize several times.

However, the Litecoin (LTC) is yet to clear the hurdles towards the resistance level of $40. Instead, the bears are trying to force their way back to the $30 support level. A break below $30 support level may provoke an even deeper decline towards the $20, $18 and $16 support levels. Looking at the RSI (14), Litecoin may exhibit the tendencies to follow an upward trend as the coin is still moving above oversold territory.

Moreover, if the bulls can gather enough strength and push the market above the 9-day moving average within the channel, then the price may likely hit the resistance levels of $50, $52 and $54 respectively. So, further movement above these key resistance levels should, therefore, encourage more buying.

Meanwhile, 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 7000 SAT. Unless this resistance is effectively exceeded 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 moving averages could refresh lows under 6400 SAT and a possible bearish continuation may likely meet the major support at 6200 SAT before falling to 6100 SAT and below while the buyers may push the coin to the potential resistance at 7500 SAT and above. More so, the RSI (14) moves toward the 38-level to give 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.