Litecoin Price Forecast – February 24
According to the daily, the Litecoin price prediction shows that LTC has yet to rise above the $110 level as the price hits $91.52.
Resistance levels: $150, $170, $190
Support Levels: $55, $35, $15
LTCUSD – Daily Chart
LTC/USD is currently struggling to recover from the daily low of $91.52 as the coin prepares to cross above the 9-day moving average. Meanwhile, the closest support level remains at $90, but if the coin break with a daily candle closes below this level, it could likely drop below the lower boundary of the channel.
Litecoin Price Forecast: Litecoin (LTC) Faces the Downside
According to the daily chart, Litecoin price stays below the 9-day and 21-day moving averages, if the market price stays below this barrier, it may experience a period of bearish momentum and may reach the nearest support level at $80 before crossing below the lower boundary of the channel to hit the $55, $35, and $15 support levels.
However, if Litecoin (LTC) breaks above the moving averages, it could likely face a bullish move towards the upper boundary of the channel. Should the price decide to maintain the bullish move, the coin may encounter potential resistance levels at $150, $170, and $190 as the Relative Strength Index (14) technical indicator suggests a sideways move below the level. 40.
When compared to Bitcoin, the price of Litecoin follows a bearish sentiment and may continue to trade below the 9-day and 21-day moving averages. Should the bulls attempt to break the current move, the bears may continue to unleash enormous pressure on the market as the Relative Strength Index (14) technical indicator is ready to cross the oversold region to give further bearish signals.
LTCBTC – Daily Chart
Furthermore, if Litecoin price faces the lower boundary of the channel, it could reach the closest support at 2500 SAT. Any further downside moves can bring the price down to 2200 SAT and below. In the event of a rebound, the coin may revisit the SAT 3200 above the channel before resuming the rally, which may see a bullish run to the resistance level of 3400 SAT and above.
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