Litecoin Price Prediction: LTC/USD Grows 6.79% in a Day; Price Now Nears $160

LTC Price Prediction – February 5

Litecoin (LTC) gains 6.79% in the last 24 hours to touch $156. It may find the next resistance at $160.

LTC/USD Market

Key Levels:

Resistance levels: $180, $190, $200

Support levels: $125, $115, $105

LTCUSD – Daily Chart

LTC/USD has been exhibiting strength over the last 24 hours but manages to regain some ground amid technical correction from the downward trend where it is traveling from $145 to $156. The coin has recovered from the sharp sell-off of yesterday. More so, the range of the price swings has been between $122 and $156. The overall gain of the day stands at 6.79%.

What to Expect from Litecoin (LTC)

Moreover, though the current price of Litecoin at $155.14 is above the 9-day moving averages and 21-day moving averages within the descending channel, the recovery seems to have started as the technical indicator RSI (14) faces the north. The Litecoin (LTC) needs to continue its up-trending growth in the coming days to recover properly. As per the current trend, the next resistance level is likely at $180, $190, and $200.

On the downside, a sustainable move below the moving averages could open up the way to a $130 support level and this barrier may likely slow down the bears and then serve as a jumping-off ground for the recovery. Meanwhile, the next support levels to watch for could be $125, $115, and $105.

Against Bitcoin, LTC continues to trend bearishly as the support further outweighs the resistance. In case of a trend reversal, there is a need for an increasing volume and resistance to cause an upsurge in the market.  Now, LTC/USD is trading around the 3700 SAT below the moving averages. We can expect close support at the 3500 SAT and below.

LTCBTC – Daily Chart

For now, there’s no sign of a bullish trend in the market. However, if a bullish move occurs and validates a break significantly above the upper boundary of the channel to hit the nearest resistance at 4400 SAT; we can then confirm a bull-run for the coin. More so, the closest resistance lies at 4500 SAT and 4700 SAT as the RSI (14) moving above the 45-level.

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.