Litecoin Price Prediction: LTC/USD Struggles to Recover from a Slight Southward Move Around $120 Low-Base Value Author: Azeez Mustapha Last Updated: 08 February 2021 Litecoin (LTC) Price Prediction – February 7LTC/USD market has been in a short-increasing manner as it features a series of small ups from a low-base price to now trade a bit below the $160 mark.LT/USD MarketKey Levels:Resistance Levels: $180, $200, $220Support Levels: $120, $100, $80LTC/USD – Daily ChartThere has been a tight-conjunction formation between the two SMA trading indicators. Yet, they point to the north briefly underneath the trading value of the crypto-trade. About five days back of trading, there has been a feature of candlesticks below the $160 line denoting a kind of rejection. The joining of both the 14-day SMA and the 50-day SMA trend-lines at the $140 has made it a critical point in the market. The Stochastic Oscillators have managed springing up to find a location around range 80 near the overbought region. They have also closed hairs at the range spot to start a consolidation move in the near session.Where is LTC Price Moving Next?Though the crypto’s value has shown the capacity of surging northward further in no time as of writing, the LTC/USD bulls still have to put up more strengthening efforts. Meanwhile, as it is, the crypto’s energy has a relatively losing position around the $160 line. If bulls hold on to their stands, there will be a possibility of the crypto-trade witnessing another round of formation of small trading candlesticks around a higher value of $180 afterward.On the downside, bears may have to be on the lookout for a violent price reversal against $200 and $180 levels to have a decent entryIn the scenario of not having it happening around those two trading levels, it is technical to stay away from the market for a while to avoid the bulls’ trap.LTC/BTC Price AnalysisComparisonof Litecoin and Bitcoin, the counter-crypto has continually put the base-crypto under a falling pressure. But, the pressure appears toward getting exhausted as price approaches a usual baseline. Therefore, it could be the turn of the base=crypto to regain its lost momentum and rise against the dropping pressures. The 50-day SMA trend-line is over the 14-day SMA trend-line with a space between them. That shows that the base-crypto is still under falling pressure. The Stochastic Oscillators swing between ranges 40 and 20 slightly pointing to the south. That indicates that some falling-pressures are still in play. Traders going short at this point should exercise caution.
