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Litecoin Price Prediction: LTC/USD May Break Below $190 before Pushing Higher Again

LTC Price Prediction – March 18

Litecoin market witnesses a drop today, amounting to a 2.91% loss with a current trading price of around $200.

LTC/USD Market

Key Levels:

Resistance levels: $225, $235, $245

Support levels: $175, $165, $155

LTCUSD – Daily Chart

According to the daily chart, LTC/USD is currently changing hands at $200.05, down with a 2.91% loss. The coin is now recovering from the intraday low of$198, but the upside momentum is quite slow. However, if the market reclaims the positive momentum, the Litecoin price would continue to respect the channel pattern. Otherwise, more breakdowns may likely play out in the market.

What to Expect from Litecoin (LTC)

The Litecoin (LTC) is seen trading below the 9-day moving average. Therefore, a possible retracement below the moving averages may drag the price to the supports level of $175, $165, and $155 supports, creating a new monthly low. But if bulls decide to move the market price upward, buying pressure may experience further bullish movements to the potential resistance at the $210 and $220.

Meanwhile, there’s a need for a pullback for the market to regain strength. A sustainable move above the moving averages is needed for the upside to gain traction with the next focus on $225, $235, and $245 resistance levels.

When compares with Bitcoin, the Litecoin price is following a bearish sentiment now as the coin suffers a slight downtrend pressure from Bitcoin. However, if the bulls attempt to gain momentum, the bears are likely to keep releasing huge pressure on the market as the technical indicator RSI (14) heads to the south.

LTCBTC – Daily Chart

Moreover, if the Litecoin falls below the lower boundary of the channel, it could significantly lower the price to 3000 SAT and below. In case of a rebound, the coin can test the 3800 SAT above the moving averages before resuming the rally. If the bulls manage to stay well above this level, traders could see a bull-run to the resistance level of 4000 and above.

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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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