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Litecoin Price Prediction: LTC/USD Trades Below $50; A Rebound Might Play Out

LTC Price Prediction – October 12

Litecoin (LTC) manages to maintain its position despite volatility, while the bulls still maintain the desire to defend the support at $48.

LTC/USD Market

Key Levels:

Resistance levels: $55, $57, $59

Support levels: $45, $43, $41

LTCUSD – Daily Chart

The intraday movement of LTC/USD has not been impressive enough. Therefore, should in case the Litecoin (LTC) improves in the last hours of the day, the intraday traders may expect a positive close. But presently, most of the top cryptocurrencies are under tremendous selling pressure. More so, traders hope for improvement, but it may take some time.

Where is LTC Price Going Next?

Moreover, a few days ago, LTC/USD started with a trading price of about $45.95 and touched the monthly high of $51.25 yesterday. Today, the market opened with a little rise after which the bears grabbed the price. However, with this drop, LTC/USD might not be able to maintain its effectiveness before showing some signs of downward trends.

In addition, the intraday movement of the coin is quite unstable, but a rebound may likely occur and if the bulls can put more effort to push the Litecoin price to cross above the channel. The potential resistances to watch are $55, $57, and $59 while the supports are $46, $44, and $42 as the RSI (14) nosedives from 61-level.

Comparing with Bitcoin, LTC performance has been very low due to a bearish recurring. The pair is moving towards the 9-day moving average and crossing below it may likely see cause another sharp drop at 4300 SAT support level. Breaking this level could further drag the market to the nearest support levels at 4200 SAT, 4000 SAT, and 3800 SAT.

LTCBTC – Daily Chart

However, LTC/BTC is currently changing hands at 4404 SAT but if the bulls can hold the price tight above the 9-day and 21-day moving averages, the next key target price may be at 4500 SAT and 4600 SAT respectively. Reaching these levels might move it to the potential resistance at 4650 SAT and above. Meanwhile, the RSI (14) is dropping towards the 50-level; possible selling pressure is likely if it continues like this.

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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.

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