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Litecoin Price Prediction: LTC/USD Will Only Move Higher If $40 Is Broken

LTC Price Prediction – April 2

The Litecoin (LTC) price records gain of almost 1.5%, as the coin is seen approaching the $40 level.

LTC/USD Market

Key Levels:

Resistance levels: $48, $50, $52

Support levels: $30, $28, $26

LTCUSD – Daily Chart

LTC/USD is trading in the green in today’s session, trading above the 9-day and 21-day moving averages with a gain of 1.45%. The Litecoin bulls broke out from a narrow range-block formation as the price action is capped to the upside at $39 and supported the downside at $36, within tight conditions.

However, a few days ago, the Litecoin (LTC) price was trapped in an incredible narrow trading range after the bullish rally has failed to materialize several times. LTC/USD has failed to clear the hurdles towards the resistance level of $45. Instead, the bears are making an effort to force their way back to the $35 support level.

Meanwhile, a break below the $32 support level may provoke an even deeper decline towards the $30, $28 and $26 support levels. Looking at the RSI (14), Litecoin may exhibit the tendencies to begin an upward movement as the indicator is struggling to move out of the narrow range-block. Moreover, the resistance levels to watch for are $48, $50 and $52 respectively.

Against BTC, LTC is following a downward trend, as the coin recently exploded under the solid support of 6100 SAT and continued to fall below 5900 SAT. The critical support level is located below the 9-day moving average at level 5500 SAT and below as the RSI (14) moves below 40-level.

LTCBTC – Daily Chart

However, if the bulls continue to power the market, the coin may likely cross the 9-day and 21-day moving averages to reach the resistance level above the upper limit of the channel at 6500 SAT and above. Meanwhile, the price of Litecoin is currently changing hands to 5906 SAT.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.