Litecoin price forecast – July 1
The Litecoin price follows a downward movement within the channel as the technical indicator reveals the next direction.
LTC / USD market
Resistance levels: $ 200, $ 220, $ 240
Support levels: $ 80, $ 60, $ 40
Today, LTC / USD records some losses after the improvement the coin has faced in recent days. The Litecoin price is now around $ 137.56, where it remains unchanged within the 9-day and 21-day moving averages. After opening today’s $ 144 trade, the Litecoin price will move below the $ 140 subsidy to touch the $ 134 low. From the daily chart, it appears that the Litecoin price may be going back toward an immediate support level of $ 130 below the 9-day moving average.
Litecoin Price Forecast: The Litecoin price may test again at $ 135
As the coin moves inside the channel, as much as Litecoin price does not fall from the current level of trading, traders can see the cryptocurrency fall to another trading low. Therefore, a break below the channel lower limit can cause a drop toward the support levels of $ 80, $ 60 and $ 40. A short-term technical analysis shows that the $ 135 and $ 130 levels are currently the strongest forms of technical support.
However, a break above the 21-day moving average can drive the Litecoin price toward the nearest resistance level of $ 170. In addition, a rising push could take LTC / USD resistance levels to $ 200, $ 220, and $ 240. At the same time, the relative strength index (14) is currently facing south as the signal line moves below 45 levels, which may cause more downward trends in the market.
Again for Bitcoin, the price of Litecoin will follow the rise as the coin tries to exceed the 21-day moving average. As the daily chart reveals, the coin is advancing above the 9-day moving average as the market movement has been refined with more green candles since the last few days.
However, as the relative strength index (14) moves around the 44 level, an upward movement is likely to push the market back to the 4500 SAT resistance level with a possible break above the 21-day moving average. Moreover, any ascending movement above this obstacle can hit a resistance level of 4700 SAT and above. In other words, if the Litecoin price exceeds the lower limit of the channel, it can reach a support level of 3300 SAT and below.
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