Litecoin Price Prediction: LTC/USD Faces Rejection at $232
Litecoin Price Prediction – September 6
The Litecoin price is moving down synchronously within the market and its sell-offs may be extended below the 9-day moving average.
Resistance levels: $255, $265, $275
Support levels: $190, $180, $170
At the time of writing, LTC/USD is changing hands to $220.88, down from the recent high of $232.41. The coin is moving synchronously below the upper boundary of the channel. The Litecoin price is mainly influenced by speculative sentiment and technical factors, while fundamentals remain in the shadows. However, the coin is known for its herd behavior, as everything rises and falls at the same time.
Litecoin Price Prediction: Would Litecoin (LTC) Break to the Upside?
The Litecoin price moves below the opening price of $232.30 level as bulls couldn’t hold the ground. The widespread retracement on the market pushes the coin towards the 9-day moving average with the next local support created by $210. This level should limit the correction and serve as a starting point for another upward wave.
However, the sell-off is likely to gain traction with the next focus on $190, $180, and $170 support levels. Meanwhile, on the upside, the initial resistance is created above the upper boundary of the channel at $235. Traders may need to see a sustainable move above this level to test $245. The further bullish movement could touch the $255, $265, and $275 resistance levels despite the fact that the technical indicator Relative Strength Index (14) prepares to move out of the overbought region, indicating bearish signals.
When compares with Bitcoin, the Litecoin price is experiencing a tremendous bearish movement, as the coin remains below the upper boundary of the channel. After the coin touched the monthly high of 4563 SAT yesterday, it begins to retreat below the opening price of 4485 SAT today. However, the bulls are making an attempt to keep the coin above the moving averages but the technical indicator Relative Strength Index (14) keeps heading to the south. However, the critical support level is located around the 3900 SAT and below.
Moreover, if bulls begin to power the market, the coin may likely break above the channel to find the potential resistance level at 4700 SAT and above. Meanwhile, the Litecoin price is currently changing hands to 4283 SAT and a spike in volatility could occur according to the technical indicator.
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