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Litecoin Price Prediction: LTC/USD Ready to Reclaim $150?

Litecoin Price Prediction – July 3

Despite the rapid decline early this month, the Litecoin price prediction shows that the short-term bullish structure for the coin is still intact.

LTC/USD Market

Key Levels:

Resistance levels: $175, $195, $215

Support levels: $110, $90, $70

Litecoin Price Prediction
LTCUSD – Daily Chart

LTC/USD is still moving sideways around the 9-day moving average within the channel. However, the Litecoin price is currently hovering at $139.98 after the bears took over from the bulls early this month. Today, an early trading session towards the $150 level failed to generate sustainable gains, with the Litecoin price slipping back below the daily high at the $141.41 level.

Litecoin Price Prediction: Litecoin (LTC) Not Ready for Uptrend

According to the daily chart, 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 $135 support level may provoke the Litecoin price to decline towards the $110, $90, and $70 support levels.

However, the current market movement reveals that the Litecoin price may continue the bullish movement if the 9-day MA crosses above the 21-day MA.  Meanwhile, the daily chart reveals that LTC/USD needs to break the technical region of the $150 level which is above the upper boundary of the channel which may cause the coin to reach the potential resistance levels of $175, $195, and $215. Nevertheless, the technical indicator Relative Strength Index (14) is moving above 40-level, which shows that the market may follow an uptrend.

Against Bitcoin, the Litecoin price is currently facing the downside. The market price is seen within the 9-day and 21-day moving averages. However, the bullish structure may not come to play now but the price has been following a descending support line since a couple of days ago.

LTCBTC – Daily Chart

Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross below 40-level, which may add more bearish signals into the market. Therefore, until the price either break out above the resistance level or break down below the 9-day MA, the direction of the trend is yet to be known. Moreover, if the coin breaks above the upper boundary of the channel, it coin reaches the potential resistance level of 4500 SAT and above while the supports remain at 3700 SAT and below.

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Author: AzeezMustaph

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