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Litecoin Price Prediction – August 17
For the past few days, Litecoin (LTC) has been unable to develop the upside momentum above $190 as the coin remains above the moving averages.
LTC/USD Market
Key Levels:
Resistance levels: $210, $220, $230
Support levels: $150, $140, $130
During the European session, LTC/USD trades above $185 but failed to hold the ground and retreated quickly towards $180. Nevertheless, the Litecoin (LTC) has stayed mostly unchanged both on a day-to-day basis and since the beginning of today, LTC/USD now trades above the 9-day and 21-day moving averages but should in case the coin move sideways, it could limit its bullish movements.
Litecoin Price Prediction: Price May Retrace Above $185
As the daily chart reveals, the Litecoin price is seen hovering towards the upper boundary of the channel, and should the bulls manage to push the market price above this barrier; the coin may likely find the potential resistance levels at $210, $220, and $230. Moreover, if the Litecoin price revisits the downside, it could experience a bearish movement.
However, it is likely for the Litecoin price to hit the nearest support at $170 and a further drop could pull the market to $150, $140, and $130 supports. Meanwhile, the technical indicator Relative Strength Index (14) is slowly moving into the overbought region, which may bring more bearish signals into the market.
When compares with Bitcoin, the Litecoin price is still following the downtrend as the coin remains intact above the 9-day and 21-day moving averages. However, if the selling pressure steps back into the market, Litecoin (LTC) may likely create a new low in the next coming trading days.
Moreover, the technical indicator Relative Strength Index (14) is seen moving in the same direction as traders may likely see the coin moving sideways. More so, the market can as well expect close support at the 3700 SAT by breaking below the 9-day and 21-day moving averages to hit the critical support of 3400 SAT and below.
On the contrary, if a bullish move occurs, a break above the upper boundary of the channel may confirm a bull-run while the closest resistance levels lie at 4300 SAT and above.
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