LTC/USD Drops to $119 Support

Litecoin Price Prediction – January 21

The Litecoin price prediction shows that LTC keeps dropping below the moving averages following the current bearish action in the market.

LTC/USD Market

Key Levels:

Resistance levels: $160, $170, $180

Support levels: $80, $70, $60

The daily chart reveals that LTC/USD has been recording some losses in the last 4 days consecutively. The Litecoin price begins to follow the bearish trend after touching the monthly high of $153.45 a few days ago. However, the cryptocurrency is seen following the downward movement to touch the daily low at $117.18. Now, the Litecoin price is currently trading below the 9-day and 21-day moving averages as the price may soon cross below the lower boundary of the channel.

Litecoin Price Prediction: Litecoin (LTC) May Head to the South

As the Litecoin price fails to recover from the current trading levels, it is likely that traders may see the cryptocurrency fall to a new trading low. Meanwhile, a break below the $120 support level may provoke an even deeper decline towards the $80, $70, and $60 support levels. However, the short-term technical analysis shows that the support at the lower boundary of the channel may likely serve as strong support for the coin.

In other words, looking at the daily chart, a break above the 9-day and 21-day moving averages may propel Litecoin to move towards the nearest resistance level of $150; a further push could take it to the resistance levels of $160, $170, and $180 respectively. As it stands now, the technical indicator Relative Strength Index (14) faces the south by crossing below 40-level which may cause the market to experience additional deep fall.

When compares with Bitcoin, Litecoin (LTC) is still experiencing another downtrend within the channel, especially in the past few days. The coin may likely break below another solid support at 3000 SAT and could slide through the subsequent support level to hit 2900 SAT. The critical support level could be located at 2800 SAT and below.

However, if the bulls manage to power the market, traders may likely find the resistance level at 3500 SAT and above. Meanwhile, the Litecoin price is currently changing hands at 3189 SAT but a surge in volatility may occur as the technical indicator Relative Strength index (14) may cross below 45-level, suggesting more bearish signals into the market.

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