Prediction of Litecoin's Price - January 31
The Litecoin price prediction indicates that LTC will continue with its sideways movement while the bulls defend the support at $100.
LTC/USD Market
Key Levels:
Resistance levels: $150, $160 and $170
Support levels: $70, $60, $50
Daily Chart - LTCUSD
Buy Litecoin Right Now. The intraday movements of LTC/USD have not been very impressive at the time this article was written. The Litecoin price hovers around the 21-day and 9-day moving averages, with a gain in 0.56%. Intraday traders can expect a positive close if the Litecoin(LTC) crosses above the 9 day moving average. Although most top cryptocurrencies are currently under great selling pressure, traders still hope for an improvement over the next few days.
Prediction for Litecoin's Price: Litecoin, (LTC), May Rise to the Upside
The daily chart shows that the Litecoin price could cross the 9-day moving average if there is more bullish pressure within the channel. After a slight rise, the market closed today at $104.40. LTC/USD may not be able maintain its effectiveness with this drop. However, it might show some signs of downward trending.
The intraday movement is very unstable. However, a rebound could occur if the bulls put more effort to push Litecoin's price above the moving averages. A bullish move could find resistance levels at $150 and $160. Crossing below the channel's lower boundary could bring support at $50, $70, and $60. The technical indicator Relative Strength Index (14) moves in the same direction as below 40, suggesting that the market is moving sideways.
Comparing to Bitcoin, the Litecoin market has been in a bearish trend as it remains below its 9-day and 21 day moving averages. If the coin slides towards the channel's lower boundary, it could cause another sharp fall at 2500 SAT. This level may be broken, which could cause the market to drop further towards the critical support level of 2400 SAT or below.
LTCBTC Daily Chart
LTC/BTC currently trades at 2854 SAT. However, if bulls can keep the price steady and push it higher than the 9-day or 21-day moving medians, then the next target price could be at 3000 SAT. This level could push it towards the potential resistance of 3400 SAT or higher. The technical indicator Relative strength Index (14) is currently falling towards the oversold area; selling pressure could be possible if this trend continues.
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By: Azeez Mustapha
Title: Litecoin Price Prediction: LTC/USD Trades Around $109; Price May Rebound
Sourced From: insidebitcoins.com/news/litecoin-price-prediction-ltc-usd-trades-around-109-price-may-rebound
Published Date: Mon, 31 Jan 2022 17:54:35 +0000
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