Litecoin Price Prediction – June 5
The Litecoin price is caught between the bull and the bear as the price of the cryptocurrency fluctuates sideways below the moving averages.
Resistance levels: $250, $270, $290
Support levels: $100, $80, $60
Looking at the daily chart, LTC/USD is still defending the support level of $170 again as the price hovers around $173. The Litecoin price is now moving below the 9-day and 21-day moving averages, with the Relative Strength Index (14) indicating a sideways movement. For the time being, the market price is moving within the channel and the technical indicator may be issuing some bearish signals.
Litecoin Price Prediction: Where is LTC Price Going Next?
According to the daily chart, the Litecoin price is yet to show a strong bear dominance in the long term. But the short-term outlook is range-bound. Meanwhile, a bullish interception above the 9-day and 21-day moving averages may set the next key resistance at $250, $270, and $290, moving towards the upper boundary. Nevertheless, we could experience a little rise before the rally begins.
Following the ongoing movement, the Litecoin price has recently plunged to $170 before a small rise to where it’s currently changing hands at $173. Therefore, a further rally is likely at $100, $80 with a possible new monthly low at $60. As we can see from the daily price chart, the trading volume has been drastically low in the past few days, suggesting that the bears may return to the market soon.
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When compares with Bitcoin, the Litecoin price has been moving in a very different way as sellers and buyers are trying to decide who will take charge of the market. Presently, the market price is moving under the 9-day and 21-day MAs, and towards the lower boundary of the channel while the technical indicator Relative Strength Index (14) is maintaining the sideways movement around 44-level.
However, the downtrend is seen giving the sellers the confidence to increase their entries and if the bears succeeded in breaking below the lower boundary of the channel, traders could expect the Litecoin price to fall towards the support level of 3800 SAT and below. Meanwhile, a rebound could increase it to the 5800 SAT and above.