Litecoin Price Prediction: LTC/USD Sideways Trading Continues As the Price Drops below $58 Level

LTC Price Prediction – August 9

Litecoin (LTC) is dropping with a loss of 1.16% over the past 24 hours of trading as it trades at $57.78.

LTC/USD Market

Key Levels:

Resistance levels: $63, $65, $67

Support levels: $52, $50, $48

LTCUSD – Daily Chart

Today, LTC/USD experiences a 1.16% price drop over the past 24 hours of trading which may be caused by the fact that Bitcoin is also dropping with the same amount. The cryptocurrency is now trading below the 9-day moving average within the ascending channel but looks like it might be headed beneath it. Meanwhile, a break beneath this 9-day MA could see LTC/USD headed towards the $55 level and it is likely to occur if Bitcoin (BTC) continues to drop over these next few days.

What is the Next Possible Direction for Litecoin (LTC)?

Analyzing the daily chart above, we can see Litecoin trading sideways. It has been struggling at the resistance levels of $56 to $60 over the past 7days of trading. As the pair moves in this range, the market can be considered as neutral at this moment in time. However, the RSI (14) is trading beneath the 65-level and it looks like that the sellers will be increasing their momentum over the next few days which will certainly result in Litecoin falling beneath the $55. If this occurs, Litecoin would be considered bearish.

On the downside, the first level of support lies at $52. This is followed with support at $50 which is expected to prevent the market from falling further. Meanwhile, if the selling continues, traders can expect added support at $48 and below. From the upside, resistance lies at $59 and $61. Above this, potential resistance lies at $63, $65, and $67.

Against Bitcoin, LTC is experiencing some difficulties, as the coin recently exploded under the solid support of 5000 SAT and continues to fall towards the 4800 SAT. The critical support level is located below the lower boundary of the channel at 4650 SAT and below.

LTCBTC – Daily Chart

However, any attempt by the bulls to re-power and strengthen the market may likely push the coin above the moving averages to find the resistance level at 5250 SAT and above. For now, the RSI (14) is following the downtrend as the signal line moves below 50-level, suggesting more bearish signals.

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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.