- LTC/USD pair is trading with a bearish bias at the 165.33 level.
- Litecoin is testing the double bottom support level of $162. Is it a good time to buy cheap now?
- Forex trading participants may place a buy limit at $162to target $170 and $174.
On Thursday, the LTC/USD pair is trading with a bearish bias at the 165.33 level. The day before, the LTC/USD closed at $166.543 after placing a high of $174.475 and a low of $162.953. The pair declined and extended its loss for the third consecutive session amid the recent sell-off in the whole crypto market. Litecoin price prediction remains bearish. However, it’s testing the double bottom support level of $162. Is it a good time to buy cheap now? Let’s find out below…
If you are interested in trading LTC/USD with forex robots, check out our guide.
The Finder report predicts LTC/USD – Can it reach above $200?
Litecoin continued its bearish streak for the third session despite some positive developments surrounding its ecosystem. The product comparison website Finder published a report on Wednesday that polled about 42 financial technology specialists.
The report found an average forecast from the group that indicated that crypto-asset Litecoin would reach above $200 by the end of this year.
The crypto asset LTC, launched in 2011 by Charlie Lee, has been trading in a range of $175 and $187 over the past few days.
Despite that, Litecoin has lost its place among the top 10 cryptocurrencies in the market due to the rising number of different crypto assets. The expert panels at Finder predicted that the cryptocurrency LTC could reach $266 by the end of 2021.
Litecoin has been in the top ten cryptocurrencies according to market cap for over a decade. However, with the rising number of competitors with better and more efficient features, Litecoin lost its position.
LTC stands in 14th place with a $12.53 billion MC
In terms of market capitalization (MC), LTC stands in 14th place these days with $12.53 billion MC. According to the survey, Finder’s panelists do not believe that this coin will move back into the top 10 list.
Almost 76% of the fintech experts think that it will not make it back to the top ten digital assets list. However, 15% of panelists believe that LTC will make it back to the list again by the end of the year. At the same time, 81% of the panelists said that Litecoin was losing relevance. The survey added pressure on LTC prices and added further to the declining prices of LTC/USD.
A stronger dollar weighs on the Litecoin pair.
The rising price of the US dollar also added to the declining trend of the LTC/USD. The greenback was strong on the board as the minutes from the Fed’s July meeting signaled hawkishness.
The central bank members talked about tapering asset purchases and reducing the support provided to the economy during the pandemic. That’s because the economy was moving towards recovery and achieving goals set by the Fed related to inflation and employment.
The strength of the US dollar after reaching the 93.26 level added weight to LTC/USD as both have a negative correlation.
Litecoin Price Prediction – Daily Technical Levels
Support Resistance
161.505 173.027
156.468 179.512
149.983 184.549
Pivot Point: 167.990
Litecoin Technical Outlook – Can We Buy Cheap Now at 162?
The Litecoin price prediction is slightly bearish today as it’s trading at 165 levels. On the 2-hourly timeframe, the LTC/USD pair is testing the double bottom support level of 162 level. The closing of candles above this level has the potential to trigger a bounce-off in the LTC coin.
As we can see on the chart, the LTC/USD has formed a descending triangle pattern. That supports it at the 162 level along with a resistance level of 167. On the bearish side, a breakout of 162 could trigger sharp selling until the next support level of 156. Alternatively, the breakout of the 167 resistance level could lead Litecoin’s price towards the 174 level.
Speaking of the Stochastic RSI, it’s staying above 50 at 53 levels, demonstrating the chances of a bullish reversal above 162 support. However, the 50 day EMA (exponential moving average – red line) is likely to provide a hurdle at 170. Well, until 162 is maintained, we can look for a buy trade in LTC/USD.
With that being said, forex trading participants may look to place a buy limit at $162to target $170 and $174. Alternatively, the breakout of a double bottom support level of 162 could offer us an excellent sell trade. The take profit should be placed at around 156 and 155 levels today. All the best
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