- LTC/USD was trading at $187.547 at press time, highlighting 4.97% 24-hourly gains.
- Litecoin price prediction is slightly bearish; however, the upward trendline can reverse it above $179.
- Forex trading participants may look to placing a buy limit at $ 179 to target $ 187 and $ 195.
The LTC/USD pair stopped its long downward rally and drew some fresh bids around the $186.00 level. It’s currently trading at $186.589 and rose by 4.97% on the day. The Litecoin price prediction is slightly bearish. However, the upward trendline can reverse it above $179.
If you are interested in trading LTC/USD with forex robots, check out our guide.
Most altcoins have seen a decent rally over the past couple of weeks. Some coins had more sustained upward rallies, and others struggled to break past their significant resistance. Therefore, the fourteenth-ranked alt, Litecoin, held its ground firmly. The LTC/USD was trading at $187.547 at press time, highlighting 4.97% 24-hourly gains.
Stronger US dollar Keeping a Lid on the LTC/USD Pair
The broad-based US dollar’s strong performance was one of the critical factors that weighed any additional gains in the LTC/USD. The US dollar extended its bullish rally even after slumping the most in almost seven weeks on Friday. Most of the selling trend was triggered amid weaker than expected US consumer confidence data. It’s diminishing an early tightening of Federal Reserve policy sentiments.
As of now, the US dollar is gaining traction from its safe-haven demand, thanks to market downbeat sentiment. Therefore, the upticks in the US dollar were seen as one of the leading factors that kept the LTC/USD gains limited.
Litecoin Price Prediction – Technical Outlook: LTC to Bounce off Over $179?
The Litecoin price prediction is slightly bearish. However, the upward trendline can reverse it above $179. On the 4-hour chart, LTC/USD is trading with a bearish bias, heading towards an immediate support level of 179.85. The LTC/USD pair has had a pretty straight run since July 22, recording red candles on a daily chart only three times. At the same time, LTC had recovered approximately 31% in the last 10-days.
The LTC/USD prices could see a massive drop below the 9-day and 21-day moving averages on the negative side. Breaking this barrier could further weaken the market to the support levels of $150, $140, and $130.
Conversely, the higher possible swing may trigger the previous resistance level above the channel’s upper boundary. However, if buyers successfully fuel the market again, traders may expect a further rise to $215, $225, and $235 resistance levels.
Speaking of the Stochastic RSI, it’s staying below 50 at the 29.30 level, demonstrating a bearish trend in LTC. However, the failure to violate below the 179 level could bring us a buying trend in Litecoin. Thus, forex trading participants may look to placing a buy limit at $179 to target $187 and $195.
Alternatively, the breakout of an upward trendline support level of 179.85 can offer us an excellent sell trade. The take profit should be placed at around 175.50 and 166.45 levels today. All the best.
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