- LTC has been in the top five sentiment scores before over the past few weeks.
- Litecoin price prediction is bearish; however, the double bottom support level can trigger a bounce-off at the $160 level.
- Forex trading participants may look for placing a buy limit at $ 160 to target $ 171 and $ 179.
The LTC/USD pair failed to extend its previous session winning streak and turned sour around the $170.00 level. Litecoin price forecast remains bearish as it’s currently trading at $169.603 and dropped by 1.93% on the day.
If you are interested in trading LTC/USD with forex robots, check out our guide.
The recent modest declines appeared after Bitcoin lost its positive traction near $46,500 and $46,700 resistance levels. The recent stop in the world’s leading cryptocurrency Bitcoin rally positively impacted the other cryptocurrencies, including the LTC coin. However, the downticks in the LTC/USD pair could be short-lived amid news from BitPay.
One of the biggest cryptocurrency payment services providers, BitPay, has announced to support Litecoin in their BitPay wallet. This, in turn, is likely to extend support to the Litecoin prices. Therefore, that’s becoming a key factor that kept the lid on any additional losses in the LTC/USD coin pair.
LTC has been in the top five sentiment scores before over the past few weeks. Whereas, the recent report suggests that Litecoin is declared the top spot in sentiment score and is likely to cap the losses.
However, the downtrend in the LTC/USD coin could be ended as the broad-based US dollar weakness. It tends to underpin the LTC/USD prices around the $160 level. The broad-based US dollar failed to maintain its previous-day buying bias. Therefore, fell slightly on the day even after the US latest inflation data tempered bets of an earlier-than-expected tightening of its monetary policy.
On the flip side, the downbeat market sentiment may give some further support to the US dollar. Therefore, the prevalent declines in the US dollar were seen as critical factors that help the LTC prices limit their deeper losses.
Litecoin Price Prediction – Technical Outlook: Ready for a Buy Limit at 160?
Litecoin price prediction is bearish; however, the double bottom support level can trigger a bounce-off at the $160 level. On the 4-hour chart, the LTC/USD pair has closed a series of selling candles, suggesting a bearish correction below the 179 level.
The LTC/USD pair has also formed an upward channel that’s supporting a bullish trend. Therefore, the recent decline in Litecoin can be a bearish correction. On the bearish side, a breakout of the upward channel at 160 can trigger a selling trend until 146 level.
In contrast, the breakout of the key resistance level $179 can lead the LTC/USD pair towards the $195 level. Speaking about the Stochastic RSI, it’s staying at 14, entering the oversold zone. It’s signaling that the odds of a bullish reversal remain strong above the $ 160 level. Alternatively, a bearish breakout of $160 level can trigger a selling trend until the next support level of $ 146.
Thus, the forex trading participants may look for placing a buy limit at $ 160 to target $ 171 and $ 179. All the best.
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