LTC Price Prediction – October 20
Litecoin (LTC) may soon need to stage a meaningful short-term rally or the cryptocurrency could see a worrying decline back towards the $45 support level.
Resistance levels: $51, $52, $54
Support levels: $44, $42, $40
LTC/USD is seen moving in an incredibly narrow trading range after a bullish rally failed to materialize. However, the early day rally towards the $50 level failed to generate sustainable gains, with the LTC/USD pair soon slipping back under the $48 level. The longer that the LTC/USD pair fails to rally from current trading levels, the greater the chance that we may see the cryptocurrency falling to a new multi-month trading low.
Where is LTC Price Going Next?
In as much as the coin trades around the 9-day and 21-day moving averages, going below the 21-day MA may provoke a deeper decline towards the $44, $42, and $40 support levels. Short-term technical analysis shows that the $46 and $45 levels are currently the strongest forms of technical support before the $44 level starts to come back into focus.
Moreover, the daily chart highlights that the $50 level is a key technical region in which bulls need to break. Further bullish movement across the channel could reach the resistance levels at $51, $53, and $55. Furthermore, the technical indicator RSI (14) is currently moving below the 50-level which may likely cause the market to begin another fresh downward movement.
Against Bitcoin, LTC is still following the downward movement, as the coin recently exploded under the 9-day and 21-day moving averages while trading at 4039 SAT and continues to fall towards the 4000 SAT. Meanwhile, the critical support level is located below the lower boundary of the channel at 3800 SAT and below.
However, any attempt by the bulls to re-power the market, the coin may likely cross above the moving averages to reach the potential resistance level at 4300 SAT and above. Meanwhile, the price of Litecoin is currently following a downward movement as the technical indicator RSI (14) is seen moving into the oversold region, suggesting more bearish signals.