Litecoin Price Analysis – Can We Expect LTC to Correct to $48?

Fibo Quantum

2 hours ago | Michael Fasogbon

Litecoin Price $74
Key LTC Resistance Levels $85, $100
Key LTC Support Levels $63, $55

*Price at the time of writing

Litecoin long-term price prediction: Neutral

After experiencing a bear market in 2018, LTC was gradually rising up; the recovery started on December 15, 2018. The bullish signal was significant as price action crossed the major 50-day MA, which has since traveled below the market.

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The bullish scenario was confirmed on March 18 when Litecoin broke the important 200-day MA with a strong green candle. The market retested the surge level before shooting high. The moment became stronger when the white line crosses the red line. This is a “golden cross”, which shows a sign of a bullish dominance for the LTC market. 

The daily RSI has been revealed bullish since LTC reversed the trend in mid-December of 2018. Now, the indicator is descending after the Litecoin price reached its overbought zone. This simply means there’s no room for the market to move higher, the bidders were weak.

litecoin chart 25 4 - Litecoin Price Analysis - Can We Expect LTC to Correct to $48?

What if price breaks down the 200-day MA?

In case the price action breaches the long-term moving average, Litecoin may possibly revisit the $40, $30 and $20 lows in the bearish zone. In trading cryptocurrency, anything can happen and the unexpected should be expected. 

For such a scenario to occur, the RSI should be trending at its lowest level. 

Litecoin medium-term price prediction: Bearish

Litecoin plunged from a $100 high and now found support at $70 with the 50-day moving average acting as a solid defense for the token. If the price action drops lower, we may see a bearish correction to $48, where the 200-day moving average rests. 

In an inverse move, the bidders may continue to look for a close resistance at $85 and $100. On the downside, $63 and $55 are key supports for the bears.

As said earlier, are likely to continue seeing a downward movement if the daily RSI direction remains bearish.

The outlook of the 4-hour chart is bearish as the 50 and 200 simple moving averages have been crossed down. LTC is currently consolidating, the potential support for the next downtrend is $65. The medium-term RSI is bearish.