Litecoin Price Prediction: LTC/USD May Move Higher Only if $220 Level is Broken
LTC Price Prediction – February 13
The Litecoin (LTC) price records a gain of over 0.95%, as the coin is seen approaching the $210 level.
Resistance levels: $240, $250, $260
Support levels: $165, $155, $145
LTC/USD is seen trading in the green at the time of writing this analysis, trading above the 9-day and 21-day moving averages with a gain of 0.95%. According to the daily chart, the candle formations are respecting upward movement. Crossing below the moving averages might position the market price in a decline. Meanwhile, the closest support level is $180 and a north wave might see a high of $220 and beyond.
What to Expect from Litecoin
As we can see, LTC/USD is retreating from the daily high of $209. An increase above this resistance level could trigger intense buying to $240, $250, and $260 resistance levels. In other words, looking at the downside, the Litecoin price may likely hold a support level at $196 which is the current daily low. Therefore, if the Litecoin price drops below this support level, it may likely hit the closest support at $180.
Meanwhile, the next support after this is located at $170 where it may even dip to $165, $155, and $145 supports if the selling volume keeps increasing. Nevertheless, the technical indicator RSI (14) reveals that the market may likely follow the sideways movement if the signal line keeps moving in the same direction within the overbought region.
Comparing with Bitcoin, the buyers are making an attempt to step back into the market as the coin is trying to move above the upper boundary of the channel. Meanwhile, from the upside, the nearest level of resistance lies at 4800 SAT and above this, higher resistance lies at 5000 SAT and 5200 SAT.
Looking at the downside; the nearest level of support is 3800 SAT and if the price drops further to create a new low, lower support is therefore located at 3700 SAT and 3500 SAT respectively. The RSI (14) is moving above the 50-level which shows that the bulls may come into focus.