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Litecoin Price Prediction: LTC/USD Slumps Below $150, Is $120 Next?

Litecoin Price Prediction – June 21

At the opening of the market today, the LTC/USD price was observed following a bearish movement within the ascending channel.

LTC/USD Market

Key Levels:

Resistance levels: $200, $220, $240

Support levels: $80, $60, $40

LTCUSD – Daily Chart

LTC/USD is currently trading below the 9-day and 21-day moving averages after a bullish rally failed to cross above the 9-day and 21-day moving averages. However, the crypto is trading in a downtrend after the bears took over from the bulls. Today, the Litecoin price begins to drop after the opening trade of $154, the coin is now slipping towards the support of $120.

Litecoin Price Prediction: Can LTC Price Hit $100 Support?

Looking at the daily chart, the Litecoin price is been controlled by the bears as the technical indicator confirms the bearish movement. However, should the coin fails to rally from current trading levels, the traders may have a greater chance to see the cryptocurrency falling into the additional downsides. Moreover, a break below the $100 support level may provoke a sharp decline towards the supports at $80, $60, and $40. Presently, as the technical analysis reveals, the $130 and $120 support levels are the strongest forms of technical support.

On the other hand, a break above the 9-day and 21-day moving averages may propel Litecoin to rise to the nearest resistance level of $180; therefore, a further bullish movement could take the Litecoin price to a high of $200, $220, and $240 resistance levels. Meanwhile, the Relative Strength Index (14) nosedives below 35-level and preparing to cross into the oversold region which may likely cause the market to experience more downward trends.

When compares with Bitcoin, the Litecoin price is still experiencing some difficulties, as the coin recently exploded under the solid support of 4200 SAT and continued to fall under the 9-day and 21-day moving averages. Therefore, the critical support level is located below the lower boundary of the channel at 3300 SAT and below.

LTCBTC – Daily Chart

However, any attempt by the bulls to re-power the market, the coin may likely cross above the 9-day and 21-day MAs which could find the potential resistance level at 5000 SAT and above. Meanwhile, the price of Litecoin is currently changing hands around 4114 SAT and a spike in volatility could occur as the technical indicator Relative Strength Index (14) is ready to cross into the oversold condition.

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