Litecoin Price Prediction – February 8
The Litecoin price prediction shows that LTC may need to stage a meaningful short-term rally as the coin could see a worrying decline below $120 support.
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Resistance levels: $170, $180, $190
Support levels: $100, $90, $80
LTC/USD is likely to start a reversal after a bullish rally failed to materialize several times. Today, the Litecoin price touches the daily high at $143.04, but currently slipping back towards the 9-day and 21-day moving averages. Meanwhile, the longer Litecoin (LTC) fails to rally from current trading levels, the greater the chance that traders may see the cryptocurrency falling to a new trading low.
Litecoin Price Prediction: LTC Could See a Slight Decline
According to the daily chart, the Litecoin price is hovering above the 9-day and 21-day moving averages. Meanwhile, the continuous bearish movement may provoke an even deeper below the moving averages to touch the support levels of $100, $90, and $80. Any further bearish move may cross below the lower boundary of the channel.
However, the daily chart highlights that the $150 level is a key technical region that bulls need to break. A further bullish move towards the upper boundary of the channel could reach the resistance levels at $170, $180, and $190. The technical indicator Relative Strength Index (14) is likely to break below 60-level which could cause the market to enter into the downtrend.
With Bitcoin comparisons, the Litecoin price moves toward the 9-day and 21-day moving averages. Presently, sellers are seen coming into the market as they may likely drag the price below the moving averages while the Relative Strength Index (14) moves below 50-level which may welcome more bearish signals into the market.
However, the technical indicator may cause the sellers to increase their entries. More so, if the bears succeeded in breaking below the moving averages, traders would expect the market to fall to the support level of 2700 SAT and below. Meanwhile, a positive movement could push the coin to the resistance level of 3500 SAT and above.
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