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Litecoin Price Prediction – October 11
The Litecoin price may likely follow a sideways movement as the Relative Strength Index (14) remains below 60-level.
LTC/USD Market
Key Levels:
Resistance levels: $200, $210, $220
Support levels: $150, $140, $130
LTC/USD is currently trading around the 9-day and 21-day moving averages within the channel as the cryptocurrency touches the daily high of $185.34 and should the buyers keep the price above the moving averages; the coin might remain at the upside. Today, an early trading session touches the $185 level before retreating to where it is trading currently at $176.14.
Litecoin Price Prediction: Litecoin (LTC) May Consolidate Near the $175
As the daily chart reveals, the bulls may keep the Litecoin price above the 9-day and 21-day moving averages. Therefore, if the resistance of $185 gives way, the bull-run may come to focus and it may be extended towards the upper boundary of the channel. At the moment, the bullish scenario seems to be coming to play as buyers could post firm commitments into the market. However, if the coin stays above the $185 resistance level, this could further strengthen the market to the resistance level of $200, $210, and $220.
Meanwhile, on the downside, a lower possible swing may likely test the previous support below the 9-day moving average. However, if the bears manage to fuel the market, traders may expect a further drop to $150, $140, and $130 support levels. On the contrary, the technical indicator Relative Strength Index (14) is now moving in the same direction, indicating that the market may move sideways.
Comparing with BTC, we can easily see that the pair continues to break below the 9-day and 21-day moving averages from the daily high of 3268 SAT. However, the Litecoin price could see another sharp drop if it crosses below the lower boundary of the channel. Breaking this barrier could further take the price to the critical support levels at 2900 SAT and below.
At the moment, the Litecoin price is trading at 3067 SAT, if the bulls can hold the price as it is and move the market upward, the next key resistance level lie at 3400 SAT. Reaching this level might take it to the potential resistance level of 3500 SAT and above. Meanwhile, the Relative Strength Index (14) is seen moving into the oversold region, suggesting more bearish signals into the market.
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