Litecoin Price Prediction – December 6
The Litecoin price drops below the lower boundary of the channel following the current bearish action in the market.
LTC/USD Market
Key Levels:
Resistance levels: $190, $200, $210
Support levels: $120, $110, $100
The daily chart reveals that LTC/USD is still recording some losses since the past few days. LTC/USD continues to follow the bearish trend as the cryptocurrency focus on the downtrend. At the time of preparing this, the Litecoin price is currently trading below the 9-day and 21-day moving averages as the price likely to cross below the lower boundary of the channel.
Litecoin Price Prediction: Can Litecoin (LTC) Bounce Back?
As the Litecoin price fails to recover from the current trading levels, the more likely it is that traders may see the cryptocurrency fall to a new trading low. A break below the lower boundary of the channel may provoke an even deeper decline towards the $120, $110, and $100 support levels. The short-term technical analysis shows that the $150 and $140 levels are currently the strongest forms of technical support.
Looking at the daily chart, a break above the 9-day moving average may propel Litecoin to move towards the nearest resistance level of $180 while a further push could take it to a high of $190, $200, and $210 resistance levels. As it stands now, the technical indicator Relative Strength Index (14) faces the south, crossing into the oversold region may cause the market to experience another deep fall.
Comparing with BTC, Litecoin (LTC) is still experiencing another downtrend within the channel, especially since the past few days. The coin recently breaks under solid support at 3000 SAT and continues to fall through subsequent support level to 2995 SAT. The critical support level is located at the 2600 SAT and below.
However, if the bulls manage to power the market, the coin may likely find the resistance level at 3700 SAT and above. Meanwhile, the Litecoin price is currently changing hands at 3146 SAT as the technical indicator Relative Strength Index (14) may cross into the oversold region, which suggests that more bearish signals may play out.
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