Litecoin Price Prediction: LTC/USD Sideways Trading Continues As the Price Drops Below $90 Level

LTC Price Prediction – December 3

Litecoin (LTC) is dropping with a loss of 0.54% after touching the daily high of $91.35.

LTC/USD Market

Key Levels:

Resistance levels: $100, $105, $110

Support levels: $75, $70, $65

LTCUSD – Daily Chart

LTC/USD experiences a 0.54% price drop over the past 24 hours of trading. The coin is now trading below the 9-day moving average within the ascending channel but looks like it might be headed beneath it. Meanwhile, a break beneath this 9-day MA could see LTC/USD headed towards the $80 level and it is likely to occur if Bitcoin (BTC) continues to drop over these next few days.

What to Expect from Litecoin (LTC)

According to the daily chart above, Litecoin is seen trading sideways. It has been struggling at the resistance levels of $90 to $95 over the past few days of trading. However, as the pair moves in this range, the market may be considered neutral at this moment in time. Meanwhile, the RSI (14) is trading above the 60-level and the sellers can be increasing their momentum if it crosses below the 60-level, which will certainly result in Litecoin falling beneath the moving averages. If this occurs, Litecoin would be considered bearish.

On the downside, the first level of support lies at $80. This is expected to prevent the market from falling further. Meanwhile, if the selling continues, traders can expect added support at $75, $70, and $65. From the upside, resistance lies at $90 and $90. Above this, potential resistance lies at $100, $105, and $110.

When compares with BTC, the bulls are making a serious effort to step back into the market. At the moment, the coin is trying to show some promising signs that could push the coin towards the upper boundary of the channel. From the upside, the nearest resistance levels are located at 5000 SAT and above.

LTCBTC – Daily Chart

Meanwhile, from the downside; the nearest support levels lie below the 9-day and 21-day moving averages. Beneath this, further support lies at 4200 SAT. If the price drops further below the lower boundary of the channel, the lower support may be located at 4000 SAT and below. Meanwhile, the technical indicator RSI (14) is seen crossing below the 60-level, which shows that the more bearish signals may come to play.

Remember, all trading carries risk. Past performance is no guarantee of future results.

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.