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Litecoin Price Prediction: The Bulls Take Control as LTC/USD Move towards $75 Level

LTC Price Prediction – February 6

The Litecoin price is currently changing hands at $73.53. The RSI (14) indicator moves into the overbought zone.

LTC/USD Market

Key Levels:

Resistance levels: $80, $85, $90

Support levels: $63, $68, $73

LTCUSD – Daily Chart

LTC/USD price is trading in the green in today’s session, moving around the upper boundary of the channel where the coin has gained over 1.34%. The Litecoin (LTC) bulls broke out from a range-block formation but the price action is still capped to the upside at $74 and supported the downside at $67, within tight conditions.

Moreover, a few days ago, Litecoin (LTC) price was trapped in a downward trend after the bullish rally has failed to materialize several times. The coin has failed to clear the hurdles towards the resistance level of $73. Instead, the bears are trying to force their way back to the $66 support level. Meanwhile, a break below the $66 support level may provoke an even deeper decline towards the $63, $58 and $553 support levels.

Looking at the technical indicator RSI (14), Litecoin may exhibit the tendencies to correct lower after the coin purges from the overbought zone, the indicator is struggling to remain stable at the average. In other words, any attempt by the bulls to push the market above the upper boundary of the channel, the price may likely hit the resistance levels of $80, $85 and $90 respectively.

Meanwhile, when compared with Bitcoin, Litecoin price is making an attempt to cross the channel in other to reach the resistance at 0.0080 BTC. Unless this coin crossed above the trend line and the price ends up closing above it, there might not be any reason to expect the long-term bullish reversal.

LTCBTC – Daily Chart

However, trading below the nearest support could refresh lows under 0.0074 BTC and a possible bearish continuation may likely meet the major support at 0.0072 BTC before falling to 0.0070 BTC and below while the buyers may push the market to the potential resistances at 0.0081 BTC and above. The RSI (14) may soon be coming out of the overbought zone to start giving bearish signals.

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.