Litecoin Price Prediction: LTC/USD Sees a Gloomy Day; Price Goes Down by 1.57%

LTC Price Prediction – July 20

The Litecoin is declining by more than 1.57% over a day; full price recovery might take quite a while.

LTC/USD Market

Key Levels:

Resistance levels: $44, $46, $48

Support levels: $40, $38, $36

LTCUSD – Daily Chart

LTC/USD is seen trading below the 9-day and 21-day moving averages after a bullish rally failed to materialize. In fact, the crypto is trading in a downtrend after the bulls took over from the bears. Today, an early trading session towards the $42 level failed to generate sustainable gains, with LTC/USD pair slipping towards the support of $41.

However, the longer the pair fails to rally from current trading levels, the greater the chance that we may see the cryptocurrency falling below the moving averages. A break below the $41 support level may provoke an even deeper decline towards the $40, $38, and $36 support levels.

Moreover, the daily chart reveals that LTC/USD needs to break the technical region of the $43 level which is above the moving averages of the descending channel. In as much as the 9-day MA is above the 21-day MA, the coin may likely push higher to reach the resistance levels of $44, $46, and $48. Meanwhile, the RSI (14) is facing the south, which indicates more bearish signals are in focus.

When compared with Bitcoin, the Litecoin price is experiencing some difficulties, as the coin recently exploded under the solid support of 4600 SAT and continued to fall towards the 4500 SAT. The critical support level is located below the 9-day moving average at level 4300 SAT and below.

LTCBTC – Daily Chart

However, any attempt by the bulls to re-power the market, the coin can likely cross the moving averages to find the potential resistance level at 4850 SAT and above. Meanwhile, the price of Litecoin is currently changing hands to 4582 SAT and a spike in volatility could occur as the technical indicator RSI (14) is still moving below 45-level.

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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.