|Key LTC resistance levels||$55.9, $60, $69, $78, $90|
|Key LTC support levels||$42, $38, $31, $28, $23|
*Price at the time of publication
Litecoin price long-term prediction: Bearish
The descending wedge has continued to sustain the LTC bears for months now. Meanwhile, the recently bearish circle has dropped Litecoin beneath $50, but the cryptocurrency found support at $47 during yesterday’s massive drop. As of the time of writing, LTC is changing handing at $48.5.
Considering the wedge formation on the daily chart, the bearish phase might be concluding in a couple of weeks, although it seems that the ongoing sell-off still has room to push the price lower. While keeping an eye on the Short-term support at $42 and $38, Litecoin could repeat history to $31, $28 and $23 (the 2018 low).
The RSI has continued to hold support at the 30 level for the past few months. A devastating decline is likely if the RSI dips below the lower band. The MACD is currently suggesting substantial weakness in the market. If we can see a clear climb to the positive zone, Litecoin could rally to $55.9, $60, $69 and $78 resistance before rising further to $90. Such a move seems unlikely at the moment.
Litecoin price medium-term prediction: Bearish
Litecoin moved slightly outside the two weeks descending channel after witnessing a sharp fall yesterday. Litecoin later saw a quick price correction near $50 but was rejected by the channel’s support, which turned to resistance. From a technical standpoint, the sellers are still looking for lower levels which may come in no time.
However, we should consider the further support levels at $45, $42 and $38 if the $47 (the November 2018 low) breaks. The recent volatility expansion has kept the RSI in the oversold region and similarly revealed the MACD indicator at the negative zone.
If we can see a good recovery from the technical indicators, Litecoin may trade back inside the descending channel, rising to the $50, $52 and $54 resistances. With the current market sentiment, it’s more likely that we see further price cuts.
Litecoin price short-term prediction: Bearish
From a short-term perspective, the LTC market is currently on the downside following the overnight volatility expansion. However, the RSI is currently showing a sign of recovery, but it may need to produce a clear bullish crossover signal. For now, the closest resistance is $50, where the pennant resistance (white) lies. Further resistance lies at $53.
After rebounding at $47 support, Litecoin is now consolidating as we may see a bearish extension to the $46, $44 and $42 support levels. The MACD indicator shows that the bearish presence is still affecting the market.
There’s a high probability of a price collapse to the 2018 low region if a bearish surge resurfaces. The circumstances for a trend reversal are unclear at the moment. The current sideways movement may conclude with a sudden surge in volatility.