Litecoin Price Prediction: Will LTC/USD Strike an Uptrend in the Near-term as the Price Moves Below $42?

LTC Price Prediction – December 24

For the past few days trading, the price movement of LTC/USD has been insignificant as coin trades in a tight range.

LTC/USD Market

Key Levels:

Resistance levels: $45, $47, $49

Support levels: $35, $33, $31

LTCUSD – Daily Chart

LTC/USD price has been trying to withhold the bear pressure ever since the volatility crept into the crypto market since a few months ago. Even now, for the past seven days, LTC has been trying to maintain its price momentum in the upward range and has even succeeded to a certain extent with the price fluctuating in the range between $39 and $43.

However, LTC/USD pair is characterized by small candlesticks that describe the indecision between buyers and sellers. The price movement on a daily bases is insignificant. For instance, the price movement in the previous weeks has been on a downward move, from $45 to $43. The market has been oversold, what we are expecting the bulls and bears is to push the price upward or downward.

That is the support and resistance lines are to be broken to know the direction of the market. Meanwhile, Litecoin is trading in the overbought zone of the daily stochastic. This implies that the coin is in a strong bearish momentum. The resistance levels to watch are $45, $47 and $49 while that of supports is $35, $33 and $31 respectively.

Against Bitcoin, Litecoin price is making an attempt to cross above the symmetric triangle in other to reach the resistance at 5700 SAT. Unless this resistance is effectively exceeded and the price eventually closes above, there might not be any reason to expect the long-term bullish reversal.

LTCBTC – Daily Chart

However, trading below the triangle support could refresh lows under 0.0067 BTC and a possible bearish continuation may likely meet the major support at 5400 SAT before falling to 5300 SAT and below while the buyers may push the market to the critical potential resistances at 5800 SAT and above. The stochastic RSI may soon be coming out of the oversold zone to start giving bullish signals.

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About AzeezMustaph

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.