Litecoin Price Prediction: LTC/USD Getting Ready to Reclaim $50 Resistance Level?

LTC Price Prediction – September 12

Despite the rapid decline early this month, the long-term bullish structure for the Litecoin (LTC) is still intact.

LTC/USD Market

Key Levels:

Resistance levels: $55, $57, $59

Support levels: $42, $40, $38

LTCUSD – Daily Chart

LTC/USD is seen moving sideways around the 9-day moving average within the channel. More so, the coin is currently trading in its tightest seven days trading band after the bears took over from the bulls early this month. Today, an early trading session towards the $50 level failed to generate sustainable gains, with the LTC/USD pair slipping back under the $48 level.

What to Expect from Litecoin (LTC)

The longer the pair fails to rally from current trading levels, the greater the chance that we may see the cryptocurrency falling below the 9-day moving average. A break below the $45 support level may provoke an even deeper decline towards the $42, $40, and $38 levels. Nevertheless, the short-term technical analysis reveals that the $47 and $46 levels are currently the strongest forms of technical support before the $45 level starts to come back into focus.

However, the daily chart reveals that the LTC/USD needs to break the technical region of the $50 level which is above the 9-day moving average so that the coin could reach the potential resistance levels of $55, $57, and $59. Meanwhile, the technical indicator RSI (14) is moving in the same direction around 40-level, which shows that the market is indecisive at the moment.

Against with Bitcoin, The daily chart is currently undecided. The market price has not been able to cross above the 9-day moving average. However, the bullish structure is still intact and the price has been following an ascending support line since a couple of days ago.

LTCBTC – Daily Chart

Meanwhile, the technical indicator RSI (14) is neutral, moving sideways. Until the price either breaks out above the resistance area or breaks down below the support line, the direction of the trend is not clear. The resistance level to watch is 5000 SAT and above while the supports are located at 4400 SAT and below.

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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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