Litecoin (LTC) Price Analysis – October 15
Litecoin price embarks on a bearish movement and this moderate fall is likely to be lifted soon.
Resistance levels: $62, $64, $66
Support levels: $48, $46, $44
Litecoin (LTC) deals with the attack of the bear and the current scenario of the market gives mixed indications. The movement in the coin is not voluptuous and it looks like the day is going the same way and the coin is slowly sliding towards the immediate level of support.
Looking at the chart, LTC/USD is supported by psychological $53.59. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the recent daily low of $50 after moving below the 21-day moving average. The next bearish target awaits us on approach to $48, $46 and $44 support levels.
On the upside, the initial recovery is limited by $60 above the 21-day moving average. We will need to see a sustainable move above this level for the upside to gain traction towards $62, $64 and $66 resistance levels. Meanwhile, the MACD indicator shows decreasing bullish momentum.
Against BTC, Litecoin continues to trend bearishly as the support further outweighs the resistance. For a trend reversal, there’s a need for an increasing volume and resistance to cause an upsurge in the market. Now, the coin is trading below the moving average at 6659 SAT. We can expect close support at the 6500 SAT before breaking to 6200 SAT and potentially 6000 SAT support.
Currently, there’s no sign of bullish move for the LTC market. However, if a bullish move occurs and validates a break significantly above the 21-day MA and hits the nearest resistance at 7000 SAT; we can then confirm a bull-run for the LTC/BTC pair. For now, the closest resistance lies at 7200 SAT and 7400 SAT. Still, the Litecoin market is bearishly dominant on the long-term perspective. The RSI (14) moves towards level 40 but it is likely for a reversal to come to play.
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