Litecoin Price Prediction – August 8
The Litecoin price is likely to show an upward trend if the market could rise above the $160 resistance level.
Resistance levels: $185, $195, $205
Support levels: $124, $114, $104
LTC/USD is currently showing a positive movement over the past few days as the market is actually running a little drop below the $157 level with a price drop of 0.86%. Aside from this, the Litecoin price is still maintaining an upward movement within the channel and traders can expect the price to continue to rise as soon as the bulls put more pressure on the market.
Litecoin Price Prediction: LTC Price is Ready for The Upside
If the Litecoin price can stays above the 9-day and 21-day moving averages; traders can expect a bullish continuation above the upper boundary of the channel testing the resistance level of $180. Therefore, as the technical indicator reveals, the Relative Strength Index (14) remains below 70-level but crossing into the overbought region may locate the potential resistance levels at $185, $195, and $205 in the long term.
In addition, if the coin continues to maintain the rising channel pattern as reveals by the daily chart, traders may witness a more bullish trend. Meanwhile, looking at the price formation, a bearish breakdown may likely play out for this market and this could roll the coin back to the long-term support at $124, $114, and $104 levels.
When compares with Bitcoin, the Litecoin price continues to follow a bearish sentiment, trading below the 9-day and 21-day moving averages within the descending channel. However, if the bears attempt to gain momentum, they are likely to keep releasing huge pressure on the market as the technical indicator RSI (14) stays below 40-level, suggesting more bearish signals.
However, if the pair remains below the 9-day and 21-day moving averages, it could hit the nearest support at 3300 SAT. Any further negative movement could significantly lower the price to 3200 SAT and below. Therefore, in case of a rebound, the coin may follow a bullish movement if the bulls manage to push the coin above the 9-day and 21-day moving averages. More so, traders could see a bull-run to the resistance level of 3800 SAT and above.
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