LTC Price Prediction – April 8
LTC/USD may likely set a bullish run if the market can climb back above the $230 resistance level.
Resistance levels: $250, $260, $270
Support levels: $200, $190, $180
Looking at the daily chart, LTC/USD is currently showing a positive movement over the past few hours. The market is actually running a little retracement move towards $230 with a price growth of 3.06%. Apart from today’s gain, Litecoin (LTC) is still maintaining an upward movement within the channel and traders can expect the price to continue to rise as soon as the bulls put more pressure on the market.
What to Expect from Litecoin (LTC)
If the price can keep respecting the upward movement, traders can then expect a bullish continuation after testing the $215 support. As the technical indicator, RSI (14) crosses above the 60-level; the potential resistance levels are located at $250, $260, and $270 in the long term.
However, should in case the coin continues to maintain the rising channel pattern, traders may witness a more bullish trend. Meanwhile, looking at the price formation, a bearish breakdown may likely play out for this market and this could roll the coin back to the long-term support at $200, $190, and $180 levels.
When compares with Bitcoin, the Litecoin price is currently following a bearish sentiment, trading above the 9-day and 21-day moving averages within the descending channel. However, if the bears attempt to gain momentum, they are likely to keep releasing huge pressure on the market as the technical indicator RSI (14) slides toward the 60-level, suggesting more bearish signals.
However, if the pair falls below the 9-day moving average, it may likely hit the nearest support at 3650 SAT. Any further negative movement could significantly lower the price to 3600 SAT and below. In case of a rebound, the coin may trade above the upper boundary of the channel. If the bulls manage to stay well above this barrier, traders could see a bull-run to the resistance level of 4300 SAT and above.