Litecoin Price Prediction – December 13
The Litecoin price collapses from the opening price of $159 level and crosses below the 9-day moving average to touch the daily low of $142.
LTC/USD Market
Key Levels:
Resistance levels: $190, $200, $210
Support levels: $120, $110, $100
LTC/USD is at the time of writing dropping like a stone towards the support level of $140 in a matter of hours. The Litecoin price is changing hands at $145.40, down by 8.55% after a rebound from the $159.04 level. Currently, the daily chart shows that the technical indicator is likely to move into the oversold region, which means the coin could be vulnerable to further losses.
Litecoin Price Prediction: Litecoin (LTC) Is Likely to Drop More
According to the daily chart, the Litecoin price keeps following the bearish movement. Therefore, in as much as the coin fails to rally from current trading levels, the greater the chance that traders may see the cryptocurrency falling to a new trading low. A break below the lower boundary of the channel may bring the coin towards the support level of $120, $110, and $110.
However, as the technical indicator Relative Strength index (14) moves to cross into the overbought zone, traders await the possible direction for the coin. Therefore, for a positive peak; the $190, $200, and $210 are the main resistance levels for the coin at the moment.
Against Bitcoin, we can easily see that the coin aims to break more supports before a rebound back above the 9-day and 21-day moving averages. More so, any attempt by the technical indicator to cross below the 35-level, Litecoin price could see another sharp drop around 2900 SAT support level while crossing below this level could further take the price to the critical support level at 2800 SAT and below.
However, as the Litecoin price keeps ranging, if the bulls decide to hold the price and push the price back above the moving averages, the coin may likely retest the resistance level of 3300 SAT, the next key resistance level could be located at 3500 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
