Litecoin Price Prediction: LTC/USD Recovers to $41, More Gains Incoming?

LTC Price Prediction – June 29

The price of the Litecoin is currently changing hands at $41.59 as the technical indicator moves above 40-level.

LTC/USD Market

Key Levels:

Resistance levels: $44, $46, $48

Support levels: $38, $36, $34

LTCUSD – Daily Chart

LTC/USD took several bad hits as the coin fell through multiple support levels, eventually hitting a low of about $39.17 a few days ago. Since this incident, the Litecoin (LTC) has been working on its recovery. At the time of writing, the Litecoin (LTC) price is hovering at $41.59, with 0.65% in the green. Furthermore, LTC/USD is been 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 $42. Instead, the bears are trying to force their way back to the $40 support level. A break below $40 support level may provoke an even deeper decline towards the $38, $36, and $34 support levels. Looking at the RSI (14), Litecoin may exhibit the tendencies to follow an upward trend as the coin is still moving above 40-level.

Moreover, if the bulls can gather enough strength and push the market above the 9-day and 21-day moving averages within the channel, then the price may likely hit the resistance levels of $44, $46, and $48 respectively. So, further movement above these key resistance levels should, therefore, encourage more buying.

When compares with Bitcoin, LTC is still experiencing some difficulties since the beginning of this month, the coin recently exploded above the solid resistance of 4732 SAT and continues to fall towards the 4400 SAT. The critical support level is located below the lower boundary of the channel at level 4300 SAT and below.

LTCBTC – Daily Chart

However, any attempt by the bulls to re-power the market, the coin may likely trade above the moving averages to find the resistance level at 4800 SAT and above. Meanwhile, the price of Litecoin is currently changing hands at 4538 SAT and a spike in volatility could occur as the technical indicator RSI (14) moves around 45-level, suggesting sideways movement.

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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.