Litecoin Price Prediction: LTC/USD reverses firmly against its uptrend

LTC Price Prediction – February 28
The market operations of LTC/USD have visibly been in a big price depression as the market now trades around a low point of $160 from a high-level of $240.

LTC/USD Market
Key Levels:
Resistance levels: $200, $240, $280
Support levels: $120, $110, $100

LTC/USD – Daily Chart
The 14-day SMA trend-line has breached southward from the top as price eyes the 50-day SMA trading indicator towards the south. The bigger SMA is around the $140 mark below the current trading zone of the crypto-market. The two SMA indicators are seemingly pointing towards the east direction. The Stochastic Oscillators have positioned in the oversold region to consolidate within it. That signifies that the depression move in price is getting weak gradually. The Stochastic Oscillators have moved into the oversold region to seemingly begin a consolidation move within it. That indicates that an indecision sentiment may play out soon in this crypto-trade.

Will LTC/USD market extends into a full-fledged bearish trend?
The present trading point of LTC/USD operations has reached one of a pivotal zone that bulls may in no time start mustering up the energy to make a rebound. However, price still slightly holds strong against the market-valuation of the crypto as of the time of writing. As a result of that, bulls have to consider rejoining the crypto-economy while a spike emerges around that zone for a clearer picture to stage an entry.

On the flip side, the LTC/USD bears have to intensify their efforts in the present trading zone to not give a chance to a sudden bullish candlestick around the level of $140. A breakdown of the said price level will possibly see the market level trade between the support lines of $120 and $110 at a subsequent trading session.

LTC/BTC Price Analysis
Taking a look at the market valuation between LTC and BTC, it has been recorded over a couple of trading days’ sessions that the base-crypto has been under pressure as paired with the counter-crypto. Currently, the base-line, where the base-crypto is usually expected to strike back has only seen a convergence of trading candlesticks slightly below the line. The 14-day SMA is bent briefly above price underneath the 50-day SMA indicator. That showcases that falling pressures are still ongoing. However, a rally of price is expected to take sooner than later.

Remember, all trading carries risk. Past performance is no guarantee of future results.

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.