LTC Aims to Break Above $110 Level

The Litecoin price prediction is likely to show an upward trend if the market can rise above the moving averages.

LTC/USD Market

Key Levels:

Resistance levels: $130, $135, $140

Support levels: $85, $80, $75

At the time of writing, LTC/USD is showing a positive movement as the market opens today. The market is running a little retracement move towards $110 with a price growth of 1.08%. Aside from today’s little gain, the Litecoin price is still maintaining a sideways movement within the channel, and traders can expect the coin to spike above the 9-day and 21-day moving averages as soon as the bulls put more pressure on the market.

Litecoin Price Prediction: Litecoin (LTC) May Consolidate Around the Moving Averages

If the Litecoin price begins to follow the upward movement, traders can expect a bullish continuation after testing the $106 support. As the technical indicator, the Relative Strength Index (14) moves above 40-level; the potential resistance levels could be located at $130, $135, and $140 in the long term.

However, if the coin move in the same direction as revealed by the daily chart, the market price may either break above the moving averages or head to the south. Meanwhile, looking at the price formation, a bearish breakdown may likely play out for this market, and this could roll the coin back to the long-term support at $85, $80, and $75 levels.

Against Bitcoin, the Litecoin price is following a bearish sentiment as the coin stays below the 9-day and 21-day moving averages. However, if the bears attempt to gain momentum, they are likely to keep releasing huge pressure on the market, but the technical indicator Relative Strength Index (14) may cross above 50-level, suggesting more bullish signals.

However, if the pair falls and move towards the lower boundary of the channel, it may likely hit the nearest support at 2600 SAT. Any further negative movement could lower the price to 2400 SAT and below. Looking at the upside, the coin may cross above the 9-day and 21-day moving averages and move towards the upper boundary of the channel. If the bulls manage to stay well above this barrier, the Litecoin price may locate the resistance at 2900 SAT and above.

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