Litecoin Price Prediction – July 29
The Litecoin price is retreating below the upper boundary of the channel as the price of the cryptocurrency fluctuates sideways.
Resistance levels: $165, $175, $185
Support levels: $115, $105, $95
LTC/USD continues to defend the $170 support level as the price hovers around $173. Litecoin price is now moving below the upper boundary of the channel with the technical indicator Relative Strength Index (14) showing sideways movement. At the time of writing, the 9-day moving average is crossing above the 21-day moving average as the technical indicator may keep the price at the upside.
Litecoin Price Prediction: Can Litecoin Price Push Higher?
Looking at the daily chart, the Litecoin price is yet to show a strong bear dominance in the long term but the short-term outlook is still range-bound. However, a bullish interception above the upper boundary of the channel may set the next key resistance at $165, $175, and $185, moving towards the upside. More so, traders could experience a little fall before the rally begins.
Following the ongoing movement, the Litecoin price has recently touched the daily low of $136.63 before a small rise to where it’s currently changing hands at $139.44.
Therefore, a further rally is likely at the $145 resistance level and as we can see from the daily price chart, the trading volume has been drastically high in the past few days, suggesting that the bulls may dominate the market.
However, should the Litecoin price cross above the channel, it may hit the potential resistance at $165, $175, and $185 levels respectively.
When compares with Bitcoin, LTC/BTC begins to move in a very different way as sellers are trying to bring the down below the 9-day and 21-day moving averages.
Presently, the market price is moving towards the upper boundary of the channel as the technical indicator Relative Strength Index (14) is recovering from the oversold condition.
However, the downtrend is boosting the bearish movement and if the bears succeeded in keeping the Litecoin price towards the lower boundary of the channel, it may likely reach the support level of 3000 SAT and below. Meanwhile, a bullish movement above the channel could increase market movement to the 4000 SAT and above.
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