|Key LTC resistance levels:||$100, $106, $111, $123|
|Key LTC support levels:||$83.3, $76, $68.3|
*Price at the time of writing
Litecoin Long Term Price Prediction: Bearish
Litecoin is still trading below the $100 after the July 20 price rejection which has continued to position the market in a downtrend. The three days price increase has brought the market to a current price at around $89 after recording a weekly low at $83.3 mark over the weekend.
Despite the coming halving, the LTC price has remained in a correction mode. However, it appeared the market might rebound as the $76 support continues to bolster the market over the past two weeks. If the above support faces a bearish threat and manages to break low, the market may roll back to the April support at $68.8, where the long-term support line is drawn (red).
If the bulls can manage to climb back above $100, Litecoin is likely to rise to $106, $111 and $123. From a technical standpoint, the bulls have turned inactive since the price began to fall in late June. However, if they continue to appear weak, a bearish continuation may play out in the coming days.
The RSI has continued to remain bearish at 40 level for the past few days. If it slips further, the price may continue to drop. Litecoin has signaled a bearish cross-over on the Stochastic RSI. We can expect selling pressure to occur.
Litecoin Medium Term Price Prediction: Bearish
On the medium-term chart, the six weeks falling channel pattern has continued to act as support and resistance levels for the market. After testing the channel’s support boundary at $76.8 a few weeks back, Litecoin rebounded higher and has been hovering around the upper channel boundary for the past two weeks.
Since the weekend, Litecoin has remained subdued with choppy price actions. If the bulls can break through the upper channel’s boundary, we can expect the $98, $105, $111 and $123 to play out in no time. As LTC volume continues to fade off on the 4-hour chart, the bears may regroup and bring the market down to $85.3, $80, $75 and $70.
Following the past few days price variation, the RSI is revealed slightly below the 50 level, waiting for the next price decision. Stochastic RSI is compounding for selling pressure as it attempts a bearish crossover which is yet to be clear.
Litecoin Short Term Price Prediction: Bearish
On the short-term perspective, Litecoin is on the downside with an exhausting bearish sentiment. While maintaining a falling wedge pattern, the 4th best performing cryptocurrency is likely to break away any time from now.
A look at the hourly chart suggested low trading volatility with the price movement approaching the angle of the wedge. From above, the $92, $96 and $99 resistances may be explored if the bulls turn up. A bearish rally could slump price at $86.4, $83.5 and $80 support.
The RSI has seen a three days climb to 60 level where the price was rejected due to a slight little price drop, now rising back. Stochastic RSI is currently attempting a positive crossover. A successful cross may allow the price to bounce back near $100.