Litecoin Price Prediction – August 20
The Litecoin price sees a 2.25% price increase over the past 24 hours of trading as the cryptocurrency reaches the $179 resistance level.
Resistance levels: $205, $210, $215
Support levels: $150, $145, $140
LTC/USD gains a 2.25% price rise over the past 24 hours of trading as the cryptocurrency bounces from $174 to reach $179. The coin is rebounding from a rising support trend line which prevented Litecoin from unwinding further beneath the 9-day moving average. The momentum has now shifted back into the bullish favor especially with the Relative Strength Index (14) rebounding to cross the 60-level in order to show that the buyers are unwilling to give up their control of the market momentum just yet.
Litecoin Price Prediction: Litecoin Price Gets Ready for The Upside
The Litecoin price still remains neutral and it may need to rise above the upper boundary of the channel to remain bullish again. But, if the sellers push the market beneath the 21-day moving average, then traders may consider the market as bearish in the short term. Toward the upside, the first level of resistance lies at $190 while the potential resistance levels lie at $205, $210, and $215 respectively.
Moreover, if the sellers push the price beneath the 9-day and 21-day moving averages, traders may expect support to be located at $160 and $155. Beneath this, other critical supports can be located at $150, $145, and $140 respectively.
When compares with Bitcoin, the Litecoin price is seen trading within the 9-day and 21-day moving averages at 3720 SAT. The Litecoin price is subsequently rebounded against BTC and now making an attempt to cross above the 9-day moving average.
From above, the nearest level of resistance lies above the upper boundary of the channel at 4000 SAT. Above this, higher resistance lies at 4200 SAT and above. From below; the nearest levels of support are 3600 SAT and 3400 SAT. If the selling creates a fresh low, lower support may be located at 3300 SAT and below. The technical indicator Relative Strength Index (14) moving below 50-level shows the market may be preparing for a downtrend.
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Author: Azeez Mustapha