- The LTC/USD pair is trading inside an ascending channel pattern for the past three weeks.
- Litecoin is looking for support at $70, where the market is likely to provide a rebound level for the market.
The August 29 rebound has made Litecoin’s price to record a weekly high at $80 after relying upon strong support at $62.2. Since September 18, the price of LTC has been trading below $80 due to the recent bearish surge. For this reason, the market has currently dropped by -1.23%, which may become more severe if we see immense selling pressure. However, the market is showing weakness but still looks bullish on a short-term.
Litecoin’s Current Statistics
Trading Price: $74.9
Market Capitalization: $4,746,186,687
Trading Volume: 3,170,376,456
Key resistance levels: $77, $80
Key support levels: $73, $70
Litecoin (LTC) Price Prediction for September 20, 2019
On the 4-hour time frame, Litecoin is caught in a rising channel pattern for the past three weeks as the bulls gain control of the short-term market. Meanwhile, the long-term trend is still projecting a bearish outlook for the LTC market. Considering the latest price drop, the market is likely to fall at $73 and $70 support levels, meeting the channel’s lower boundary.
Looking at the market structure, we can see that LTC is still sitting at $75. If the price level can hold well, we may see a buyback at $77 resistance before breaking up the channel to $80 and above. But as it stands now, the bears are attempting to visit close supports before climbing higher.
Conclusively
As we can see on the price chart, Litecoin is still trading well inside a rising channel formation, which shows that the bulls are in control. If the price fluctuates below the channel boundary, corresponding with the $70 support, we can expect the LTC market to resume its bearish pressure.
Technical Indicator Reading
The RSI for Litecoin has currently found support at the 50 level, indicating that the buyers are in charge of the market.
The MACD for Litecoin remains in positive zones, confirming the bullish momentum in the market. A drive below the zero level may lead the market back in a red zone.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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