Litecoin News

Litecoin Price Prediction: Litecoin uptrend faces stiff resistance at $199

TL;DR Breakdown

  • Litecoin uptrend is trading 30% up from last week’s dip of $153.
  • LTC has its second major resistance on the downside at $198, and failure to retest $200 might cause a significant pullback.
  • Litecoin is facing great price resistance on the 4-hour chart at $199.50.

Litecoin Price Overview: General price overview

Litecoin is trading 30% up from last week’s dip of $153. The coin managed to challenge the $185 and $196 resistance and attain an intraday high of $200.25. However, the uptrend did not sustain itself above the $200 trendline due to the bears attempting to pull the price towards the 5-day simple moving average ($171.94). The altcoin did not turn down altogether and is holding intact near the $198.28 price support level. Stiff resistance is preventing a break out above the $200 zone. 

But on the other hand, the 15-day and 25-day exponential moving averages support the coin’s price and target the upward channel towards $245. 

The 14-day Relative Strength Index (RSI) indicates a bearish swing rejection on the daily chart at 58%. Meanwhile, the RSI could also trigger buying action and create an upward price correction. However, the bulls can bet on the 20-day exponential moving average at $185, where the RSI has flattened around the mid-point. Therefore, indicating a range-bound action for the upcoming days. 

Breaking out above the $196 and $198 price levels was a positive sign of an imminent uptrend. Besides, the uptrend could break out above the stiff resistance near $200 and rally towards $246. Litecoin is currently trading at $199.05 against the US Dollar after forming a price support base at $198.98. 

LTC/USD opened the daily chart at a price of $184.51 and attained an intraday high of $203. The 24-hour percentage gain hit 8.17% and a 24-hour low of $183.  Bulls are hoping to sustain the price above $198 support and prevent any further pullback. A slight price adjustment below the $198 price level could cause a downward extension towards the $196 resistance—a price zone facing stiff bearish signals that could end up pushing the price further towards $185. 

Litecoin uptrend movement in the past 24 hours

(Source: Tradeview)

Litecoin began the day at a strong uptrend that touched the $199.93 price point before slightly declining to $196.97.  Afterward, it has formed a head and shoulder pattern with support around the neckline at $196. The coin’s price has been struggling to break resistance around $198 and $199 for the past few hours. However, the bears want to start a deeper correction and pull the price back to yesterday’s dip of $181. Such a correction is a danger zone that could create a bearish cycle for the next few weeks. 

Litecoin’s 4-hour chart

(Source: Tradeview)

Litecoin is facing great price resistance on the 4-hour chart at $199.50.  It is unclear whether the trendline is a bearish or bullish pattern, but the chart indicates the bulls’ struggle to break above $200 and continue with upward momentum. 

Litecoin’s price prediction

LTC has its second major resistance on the downside at $198, and failure to retest $200 might cause a significant pullback. The broader market has to back up the coin with support to gain momentum to challenge the $200 price resistance. 

Conclusion

Litecoin will have to avoid any pitfalls that could push the price towards the $180 and $185 price zones. Despite having second support of around $186 to prevent further decline, this is a danger zone congested with massive selling pressure and might create a price crash to $155. 

This post was last modified on March 12, 2021 8:44 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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