Litecoin Price Prediction – December 20
The Litecoin price prediction has been witnessing some drops since a few weeks ago, what could be the next direction?.
LTC/USD Market
Key Levels:
Resistance levels: $185, $195, $205
Support levels: $120, $110, $100
LTCUSD – Daily Chart
LTC/USD is having a hard time deciding which direction to take. A few hours ago, the cryptocurrency couldn’t break $157 resistance and has been rejected after touching the $157.49 daily high. More importantly, the bulls need to climb above this level convincingly as a clear break above the 21-day moving average could take the coin up to $160 level.
Litecoin Price Prediction: What could be the Next Direction for LTC/USD?
As it is now, the technical indicator Relative Strength Index (14) is down as the signal line may cross below 40-level. Therefore, a possible retracement below the 9-day moving average may drag the Litecoin price below the lower boundary of the channel to reach the critical supports at $120, $110, and $100, creating a new monthly low. But if the market price decides to move upward, buying pressure may push the coin to the nearest resistance at $160 and $170.
However, as it appeared now on the daily chart, there’s a need for a pullback for the market to regain strength. A sustainable move above the 9-day and 21-day moving averages is needed for the upside to gain traction with the next focus on $185, $195, and $205 resistance levels.
By comparing with Bitcoin, the Litecoin price is ranging as the coin keeps moving within the 9-day and 21-day moving averages. However, if the bulls attempt to gain momentum, the bears are likely to keep releasing a huge pressure on the market as the technical indicator Relative Strength Index (14) stays below 50-level.
LTCBTC – Daily Chart
Moreover, if the Litecoin falls below the 9-day moving average, it could significantly cross the lower boundary of the channel which may bring the price to the critical supports at 2800 SAT and below. In case of a rebound, the coin could retest the 3500 SAT before resuming the rally. If the bulls manage to stay well above this level, traders could see a bull-run to the resistance level of 3700 SAT and above.
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