Litecoin Price Prediction: LTC/USD Touches $63 Resistance; Price Expected to Move Higher

LTC Price Prediction – August 16

The Litecoin price is currently changing hands at $61.48. The RSI (14) indicator moves around 65-level.

LTC/USD Market

Key Levels:

Resistance levels: $70, $72, $74

Support levels: $50, $48, $46

LTCUSD – Daily Chart

LTC/USD is currently trading at around $46. Once it manages to surpass the current resistance of $61.48, the next target is at $65 if it pushes higher. Nevertheless, a breach from here may bring the price to around $58 as the last 48-hours surge is supported at $55 support level. Therefore, if this level fails to hold strong, the price could slip back below the 9-day and 21-day moving averages at $52.

What to Expect from Litecoin (LTC)

Looking at the current market sentiment, the bulls are now gaining control of the market. Moreover, if the bulls can put more effort and push the market towards the upper boundary of the channel, then the market price may hit the resistance levels of $70, $72, and $74 respectively. More so, any movement above these key resistance levels should, therefore, encourage further buying.

Nevertheless, a break below the lower boundary of the channel may provoke an even deeper decline towards the $50, $48, and $46 support levels. Meanwhile, the technical indicator RSI (14) reveals that the Litecoin may exhibit the tendencies to follow an upward trend as the signal line moves towards the 70-level which may cause the market to remain stable above the average.

Against Bitcoin, LTC is making an attempt to cross the upper boundary of the channel in other to reach the resistance at 5400 SAT. Unless this resistance is effectively exceeded and the price ends up closing above it, there might not be any reason to expect the long-term bullish reversal.

LTCBTC – Daily Chart

On the contrary, trading below the 21-day MA could refresh low under 5000 SAT and a possible bearish continuation may likely meet the major support at 4900 SAT and below while the buyers may push the coin to the potential resistance at 5500 SAT and above. In addition, the RSI (14) crosses above the 60-level to give more bullish 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.