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Litecoin Price Prediction: LTC/USD Gets Rejected at $130; Price Follows the Downtrend

LTC Price Prediction – December 29

Litecoin (LTC) faces a sharp price decline of around 2.77% at the time that the market opens and it currently trades at $126.10.

LTC/USD Market

Key Levels:

Resistance levels: $150, $160, $170

Support levels: $105, $95, $85

LTCUSD – Daily Chart

The daily chart reveals that LTC/USD is trading in red as the coin slides toward the 9-day moving average. A few hours ago, the cryptocurrency couldn’t break $130 and it’s been rejected. More importantly, the bulls need to climb above the upper boundary of the channel convincingly as a clear break this barrier could take the coin up to the $140 level.

What is the Next Direction for Litecoin?

According to the daily chart, the Litecoin price touches the daily low of $122.33, therefore, if the nearest support of $115 gives way, the sell-off may come to play and it may be extended towards the psychological $110. Meanwhile, sellers may be more dominant if the bears continue to post firm commitment as the technical indicator RSI (14) shows a downward trend, indicating the latest selling pressure on the market.

However, traders could see a sharp drop below the 9-day and 21-day moving averages. Breaking this barrier could further weaken the market to supports at $105, $95, and $85. Meanwhile, a possible swing towards the upside may likely retest the previous resistance levels above the upper boundary of the channel. Meanwhile, if the buyers manage to fuel the market more, traders may expect a further increase to $150, $160, and $170 resistance levels.

Against Bitcoin, the Litecoin is seen trading below the 9-day moving average. Although the coin recently exploded above the 9-day and 21-day moving averages yesterday to hit the 5120 SAT. Presently, the coin begins to fall towards the 4700 SAT. However, the critical support level is located below the channel at 4200 SAT and below.

LTCBTC – Daily Chart

Moreover, the bulls need to re-power the market once again so that the coin may be able to remain above the moving averages and any further bullish movement across the upper boundary of the channel could push the coin towards the resistance level of 5300 SAT and above. Nonetheless, the technical indicator RSI (14) is moving below the 55-level, suggesting more bearish signals.

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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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