Prediction of Litecoin's Price - December 20,

The Litecoin prediction price has seen some drops over the past few weeks. What could be the next direction?

LTC/USD Market

Key Levels:

Resistance levels: $185 - $195 - $205

Support levels: $120, $110, $100

LTC/USD is struggling to decide which direction to go. The cryptocurrency failed to break the $157 resistance just hours ago and was rejected by the market after hitting the $157.49 daily peak. The bulls must convince the market that they can climb higher than this level. A clear break above the 21 day moving average could see the coin rise to $160.

Prediction of Litecoin's Price: What is the Next Direction for LTC/USD

The Relative Strength Index (14), a technical indicator, is currently down. However, it's possible that the signal line could cross below the 40-level. A possible retracement below 9-day moving average could push the Litecoin prices below the lower channel boundary to reach critical support levels at $120, $110 and $100. This would create a new monthly low. If the market price decides that it wants to move up, then buying pressure could push the coin to $160 or $170 resistance.

The daily chart shows that the market needs to pull back in order for it to recover its strength. To gain momentum, the upside must move beyond the 9-day or 21-day moving averages. The next focus is $185, $195 and $205.

Comparing Litecoin with Bitcoin shows that the Litecoin prices are fluctuating as the coin moves within the 9-day- and 21-day moving ranges. The bears will likely continue to exert pressure on the market if they try to gain momentum as the technical indicator Relative Strength Index (14) remains below 50.

Moreover, Litecoin could fall below the 9-day moving mean, which would cause it to significantly exceed the channel's lower boundary, and may push the price below the critical support at 2800 SAT. If the coin recovers, it could retest 3500 SAT to resume the rally. If bulls are able to hold above this level, traders may see a bull-run up to the resistance level 3700 SAT or higher.

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By: Azeez Mustapha
Title: Litecoin Price Prediction: LTC/USD Range-bounds Around $151
Sourced From: insidebitcoins.com/news/litecoin-price-prediction-ltc-usd-range-bounds-around-151
Published Date: Mon, 20 Dec 2021 21:13:22 +0000