Litecoin Price Prediction: LTC/USD Aims to Break Above $120 Level

Original author: Azeez Mustapha

Go to source

Litecoin Price Prediction – February 18

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: $165, $185, $205

Support levels: $75, $55, $35

At the time of writing, LTC/USD is showing a positive movement as the market opens today. The market is actually running a little retracement move towards $120 with a price growth of 0.82%. 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 below the Moving Averages

If the Litecoin price begins to follow the upward movement, traders can expect a bullish continuation after testing the $114 support. As the technical indicator, Relative Strength Index (14) moves toward 50-level; the potential resistance levels could be located at $165, $185, and $205 in the long term.

Moreover, if the coin continues to move sideways as reveals 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 $75, $55, and $35 levels.

Against Bitcoin, the Litecoin price is following a bearish sentiment as the coin keeps hovering 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 as the technical indicator Relative Strength Index (14) may cross below 40-level, suggesting more bearish 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. In case of a rebound, the coin may cross above the 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 3400 SAT and above.

Looking to buy or trade Litecoin (LTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more:

• How to buy Litecoin
• How to buy Cryptocurrency