- LTC price prediction shows the number 9 crypto asset has suffered another hurdle at the $200 mark, opening the current price dip door.
- Support at the 200 Simple Moving Average on the 12-hour chart could stop the ongoing bearish trend, setting up LTC for a recovery.
- Bears having a field day as Litecoin’s recent ascending channel fails to surge at the x-axis.
Over the past few days, LTC has been making positive price movements, adding to last week’s bullish trend. Despite the impressive run, Litcoin seems to be losing upward momentum close to the $200 mark.
During today’s trading session, Litcoin failed to bypass the $200 key hurdle point, pushing its valuation under the $200 mark. Although Litecoin is currently exchanging hands at $201 at the time of writing, it is standing on shaky ground, and its price is fluctuating downwards.
LTC Price Prediction: General price overview
Litecoin is roaming above the 200 Simple Moving Average on the 12-hour chart at the time of writing. According to Litecoin’s most recent price rejection, the number 9 cryptocurrency failed to realize an impressive 24 percent price surge.
Despite this rejection, Litecoin has another chance to bounce back and realize new milestones if it manages to settle above the 200 Simple Moving Average. However, other technical indicators insinuate Litecoin is in for a bearish season.
For example, Litecoin’s MACD technical indicator has started showing an increase in sellers’ dominance, reinforcing the bearish outlook. According to everyday market observations, if Litecoin’s MACD blue line intersects under the signal line, the crypto asset will be in for a severe bearish trend.
It is worth noting that if Litecoin cuts through the triangle’s hypotenuse, it might suffer a 25 percent downward trend that might push its price to $140.
LTC price in the past 24 hours
According to the TD Sequential indicator on the 24-hour chart, Litecoin is currently on the verge of a selling spree. The signal to sell is brought to light by the green 9 candlesticks. This technical indicator validates that Litecoin’s bullish trend is losing momentum, and a correction might be on the offing.
If the current signals are anything to go by, Litecoin could be in for a massive sell-off season.
LTC’s 4-hour chart
According to Litecoin’s 4-hour chart, the IOMAP model shows that the number 9 cryptocurrency is settling on top of vital support regions. This means Litecoin might avoid the downward trend positioned to take it to the $140 mark.
At present, Litecoin enjoys critical support areas at the $180 to $190 regions. Here, like it has been the norm, bulls should come in and facilitate Litecoin’s gradual recovery and consolidation. Previously, approximately 116,000 addresses purchased over 2 million LTC at the support areas of $180 to $190.
With Litecoin’s MimbleWimble (MWEB) upgrade set to go live on March 15, investors should prepare for a potential bull run. The current price slump might be a blessing in disguise, as it allows investors to buy.
However, the number 9 cryptocurrency needs to end the day above the $200 mark to initiate a potential bull run towards the first critical resistance level at $209. To realize this, Litecoin might require support from the broader market to breakout past the $205 mark.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.