Litecoin Price Prediction: LTC/USD May Hit $200 Resistance
Litecoin Price Prediction – September 12
The Litecoin price prediction manages to maintain its position as the bulls make the desire to defend the support level of $175.
Resistance levels: $220, $230, $240
Support levels: $150, $130, $120
After being locked below the 9-day and 21-day moving averages on the price charts for the past few days, LTC/USD undergoes a much-needed break to the positive side as the market opens today. The coin is seen posting gains of over 3.78% in the last 24 hours, with the coin trading near the 21-day moving average at a price of $184.52 at the time of writing.
Litecoin Price Prediction: Would Litecoin (LTC) Bounce Back?
The Litecoin price resumes back in the middle of consolidation after a slight drop below the 9-day and 21-day moving averages. The Litecoin price is now roaming around the $184 level. In the meantime, if the market continues the surge and squeeze, the $200 resistance level is likely to surface in the next few positive moves. More so, the Litecoin price might further look for higher price levels if the bulls continue to show commitment.
However, the market is currently displaying a sign of subduing volatility with choppy price action. Moreover, if the Litecoin price decides to stay under the control of bears, the price may roll back to the previous supports at $150, $130, and $120. But on the upside, traders can expect the next level of resistance at $220, $230, and $240. In addition, the technical indicator Relative Strength Index (14) is moving above 50-level, which indicates that bullish movement may come into focus.
Comparing with BTC, the Litecoin price is making an attempt to cross the 9-day moving average in other to reach the resistance at 4200 SAT. Unless this resistance is effectively exceeded and the price ends up closing above it, there might not be any reason to expect the long-term bullish reversal.
However, trading below the 21-day moving average could refresh lows under 3800 SAT and a possible bearish continuation may likely meet the critical support at 3700 SAT and below while the buyers may push the coin to the potential resistance level of 4300 SAT and above as the technical indicator Relative Strength index (14) prepares to cross above 60-level, suggesting more bullish signals.
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