Litecoin Price Prediction – February 20
Litecoin’s price forecast is facing a sharp price drop of around 4.62% as the market opens, and is currently trading at $110.25.
Resistance Levels: $165, $175, $185
Support Levels: $75, $65, $55
LTCUSD – Daily Chart
According to the daily chart, LTC/USD is trading below the 9 and 21 day moving averages. However, Litecoin price failed to break above the moving average as it was rejected. More so, the buyers may need to change the price movement towards the upper limit of the channel so that a clear breach of this barrier could push the coin towards the nearest $150 resistance level.
Litecoin Price Prediction: Litecoin (LTC) Not Ready For Upward Pressure
According to the daily chart, Litecoin price is not yet ready for the uptrend as the coin moves south. Meanwhile, if the nearest $100 support breaks, the sell-off could begin and the market movement could expand towards the lower boundary of the channel. However, sellers may be more dominant if the Relative Strength Index (14) technical indicator moves below the 40 level, signaling the latest downward movement in the market.
In addition, traders could see a sharp drop that could weaken the market further to reach the supports at USD 75, USD 65 and USD 55. Therefore, if the buyers manage to refuel the market, traders can expect a rise to the resistance levels of $165, $175 and $185 respectively.
Against Bitcoin, the price of Litecoin continues to follow the downward trend and for a trend reversal, there is a need for an increase in volume, which could trigger a rebound in the market. Looking at it currently, the coin is trading below the 9 and 21 day moving averages as traders can therefore expect close support near the 2400 SAT before breaking through to 2200 SAT and critically 2000 SAT.
LTCBTC – Daily Chart
In the meantime, there has been no bullish move for the Litecoin market, but if it does, it could validate a cross above the moving averages and LTC/BTC could break above the upper limit of the channel. In addition, traders can then confirm a bull run towards the 3400 SAT and 3600 SAT resistance levels, respectively.
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This post LTC/USD is retreating at $115 to follow the downtrend and was first published at https://insidebitcoins.com/news/litecoin-price-prediction-ltc-usd-retreats-at-115-to-follow -downtrend