LTC/USD Retreats at $115 to Follow Downtrend

Litecoin Price Prediction – February 20

The Litecoin price prediction faces a sharp price decline of around 4.62% at the time that the market opens, and it currently trades at $110.25.

LTC/USD Market

Key Levels:

Resistance levels: $165, $175, $185

Support levels: $75, $65, $55

According to the daily chart, LTC/USD is trading below the 9-day and 21-day moving averages. However, the Litecoin price failed to break above the moving average as it’s been rejected. More so, the buyers may need to change the price movement towards the upper boundary of the channel so as a clear break of this barrier may take the coin up to the nearest resistance level of $150 level.

Litecoin Price Prediction: Litecoin (LTC) Not Ready for Upside

According to the daily chart, the Litecoin price is not yet ready for the upside as the coin heads to the south. Meanwhile, if the nearest support of $100 gives way, the sell-off may come to play and the market movement may be extended towards the lower boundary of the channel. However, sellers may be more dominant as the technical indicator Relative Strength Index (14) crosses below 40-level, indicating the latest downward movement in the market.

Moreover, traders could see a sharp drop which could further weaken the market to hit the supports at $75, $65, and $55. Therefore, if the buyers manage to fuel the market once again, traders may expect an increase to the resistance levels of $165, $175, and $185 respectively.

Against Bitcoin, the Litecoin price keeps following the downtrend and for a trend reversal, there’s a need for an increase in volume which could cause an upsurge in the market.  Looking at it presently, the coin is trading below the 9-day and 21-day moving averages as traders can therefore expect close support at the 2400 SAT before breaking to 2200 SAT and critically 2000 SAT.

In the meantime, there has not been any bullish move for the Litecoin market but if it occurs, it may validate a cross above the moving averages and LTC/BTC may cross above the upper boundary of the channel. Furthermore, traders can then confirm a bull-run to the resistance levels of 3400 SAT and 3600 SAT respectively.

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