Litecoin (LTC) Price Prediction: LTC/USDT Presents Temporary Resistance to Downward Corrections
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Litecoin (LTC) Price Prediction: June 25
The Litecoin token has maintained a fair correlation with Bitcoin’s price, as Bitcoin itself is under bearish pressure. The price of LTC has been correcting towards lower levels ever since it broke through the floor of a symmetrical triangle pattern. However, today’s trading has brought a bounce in the opposite direction.
LTC/USDT Long-term Trend: Bullish (Daily Chart)
Key Price Levels:
Resistance Levels: $75.00, $80.00, and $85.00
Support Levels: $70.00, $65.00, and $60.00
Price action on the LTC daily market can be seen trending downward below the Exponential Moving Average lines. Nevertheless, today’s trading activity has presented a small upside rebound. Despite the price correction, the Moving Average Convergence Divergence (MACD) indicator lines can be seen maintaining a generally downward bearing. Only a slight deflection can be perceived on the leading line of the indicator, as the last bar of the indicator is now pale red.
Litecoin Price Prediction: LTC/USDT Remains Under Tremendous Pressure
While the observed upside rebound in the Litecoin daily market is noticeable, it can also be seen that bulls are struggling under heavy pressure, according to technical indicators. The ongoing session is occurring at a significant distance below the EMA lines. This effectively communicates that headwinds are an advantage.
Likewise, the MACD has only presented a deflection and nothing too convincing on which traders can base bullish speculations. Although the last bar of the MACD is now pale red, indicating that downward forces are weaker, it appears too early to draw such concrete conclusions. The corresponding price candle to the ongoing session hints that downward forces are exerting pressure on price movement already. This will likely propel the market towards lower levels.
LTC/USDT Medium-term Trend: Litecoin Faces Rejection Above the $70 Mark (4H Chart)
The LTC/USDT can be seen rebounding off technical support at the $67.00 mark. Subsequently, the market crossed the $70.00 threshold. However, more recent sessions have revealed that the market has been finding it difficult to progress further. This could be seen as price action continues to trend sideways in an almost straight line.
The MACD lines are convergent below the equilibrium level. But a careful look at the terminals of this reveals that the convergence seems to lack the push to initiate a crossover. Going by all these indications, it seems very unlikely that the upside correction will progress further. And since price action is still below the EMA lines, the odds are still very much against upside forces, and the market may progress toward the $67.50 support level.
