Litecoin Price Prediction: LTC/USD At Risk of Closing below $40 Support
LTC Price Prediction – September 5
LTC/USD price is moving towards the south as the coin falls from its range.
Resistance levels: $56, $58, $60
Support levels: $40, $38, $36
At the time of writing, LTC/USD is following a bearish movement below the 9-day and 21-day moving averages. However, LTC/USD could not avoid the bearish wave that ranged the market in the last few days. This painful downward trend exerted intense pressure on key support established below $60. More so, the declines devastated the support zone and pushed the coin to less than $50.
What to Expect from Litecoin (LTC)?
Looking at the daily chart, traders can see that LTC is currently hovering at $51.03. If the price level can be maintained, we could consider a buyback with $55 support-turned-resistance before breaking above the 9-day and 21-day moving averages to touch the resistance levels at $56, $58, and $60. But as it stands now, the bears are making an attempt to visit close supports before climbing higher.
In addition, the Litecoin is still following the downtrend within the channel formation, and this shows that the market is still bearish. If the price moves below the lower boundary of the channel, which corresponds to the support at $45, traders can expect the LTC market to continue its downward pressure and the price could slip to the critical supports at $40, $38, and $36 respectively as the RSI (14) moves below 40-level, confirming the downward market dynamics.
When compares with Bitcoin, LTC continues to follow the bearish trend as the support further outweighs the resistance. In case of a trend reversal, there is a need for an increasing volume and resistance to cause an upsurge in the market. Now, the coin is trading around the 4655 SAT below the moving averages. We can expect close support at the 4300 SAT and below as the RSI (14) faces the south.
However, there’s no sign of a bullish movement in the LTC market. However, if a bullish move occurs and validates a break significantly above the moving averages; we can then confirm a bull-run for the LTC/BTC pair. More so, the closest resistance lies at 5000 SAT and 5200 SAT.