Litecoin Price Prediction – August 29
The Litecoin price prediction witnesses a drop today, amounting to a 0.93% loss with a current trading price of around $174.
Resistance levels: $195, $205, $215
Support levels: $155, $145, $135
After LTC/USD touches the daily high of $182.75, the coin is currently changing hands at $174.12, down with a 4% loss. However, the Litecoin price is likely to recover from the current market level to cross above the 9-day and 21-day moving averages, but the upside momentum is quite slow. Meanwhile, if the coin reclaims the positive momentum, it may continue to respect the channel pattern. If now, more breakdowns may likely play out in the market.
Litecoin Price Prediction: Litecoin (LTC) May Follow Downtrend
The Litecoin price is seen trading below the 9-day and 21-day moving averages. Therefore, a possible retracement above the moving averages could drag the price to the resistance level of $195, $205, and $215, creating a new monthly high. But if bears continue to move the market price downward, selling pressure may increase and further bearish movement may lead the coin to critical support at $170 and $150.
Meanwhile, as it appeared now, there’s likely for a further retreat within the market and any additional movement towards the lower boundary of the channel may likely lead the coin to the critical supports at $155, $145, and $135 respectively. Similarly, the technical indicator Relative Strength Index (14) reveals that the signal line is moving below 55-level and this indicates that LTC/USD is moving averagely within the channel.
When compares with Bitcoin, the Litecoin price is following a sideways movement now as the coin moves below the 9-day and 21-day moving averages. However, if the bulls attempt to gain momentum, the Litecoin price may cross above the moving averages. Meanwhile, the technical indicator Relative Strength Index (14) may head to the north as the signal line remains above 40-level.
Moreover, if the Litecoin price decides to stay below the moving averages, LTC/BTC could significantly lower the price to 3200 SAT and below. On the contrary, in case of a rebound, the coin can trade past the resistance level of 3900 SAT above the channel before resuming the rally. Therefore, if the bulls manage to stay well above this barrier, traders could see the coin touching the resistance level of 4000 and above.
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Author: Azeez Mustapha