Litecoin price forecast – June 14th
Litecoin (LTC) will soon see a major short-term rally or cryptocurrency may see a worrying decline towards the $ 165 support level.
LTC / USD market
Resistance levels: $ 245, $ 265, $ 285
Support levels: $ 85, $ 65, $ 45
LTC / USD is still stuck in an incredibly tight trading area after being caught up on the rise. The early-day rally toward the $ 180 level did not yield lasting gains as the Litecoin price fell back below its daily high of $ 177. In the meantime, the longer encryption is unable to rise from the current level of trading; the greater the chance that we may see it touching a new month of trading low.
Litecoin Price Forecast: Are you ready to challenge the $ 180 level?
As the daily chart reveals, Litecoin price hovers within 9- and 21-day moving averages, and a break below the channel’s lower limit could cause an even deeper decline toward support levels of $ 85, $ 65, and $ 45. Therefore, a short-term technical analysis shows that the $ 160 and $ 150 levels are still the strongest forms of technical support before the $ 140 level begins to return to the center.
In other words, the daily chart highlights that the $ 180 level is a key technical area where bulls need to break. Increasing uptrend can reach resistance levels of $ 245, 265 and $ 285. Technical indicator However, the Relative Strength Index (14) is moving to 45, which is likely to lead the market to continue its upward trend.
Litecoin (LTC) has developed very differently from Bitcoin for some time. But currently, sellers dominate the market as the Litecoin price moves below the lower limit of the 9-day and 21-day moving averages channel. Therefore, the technical indicator Relative Strength Index (14) remains below the 40 level, which can keep down the signals in the market.
However, the technical indicator gives sellers confidence to increase their participation. In fact, if the bears manage to break the price, the market is expected to fall to a support level of 3,500 SAT and below. In the meantime, bouncing can take them to 5300 SAT and 5500 SAT.
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