Litecoin (LTC) Price Prediction: LTC/USDT Sees an Extension of Upside Retracement
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Litecoin (LTC) Price Prediction: August 13
Generally, the Litecoin market is in a downtrend. However, the market has been retracing to higher price levels. Price action has even surpassed the $60 mark, currently trading at $62.11. This has resulted in an extension of the upside retracement.
LTC/USDT Long-term Trend: Bullish (Daily Chart)
Key Price Levels:
Resistance Levels: $70, $80, and $90
Support Levels: $60, $50, and $40
Despite the extension of the upside retracement, the market remains below the Exponential Moving Average (EMA) lines. Nevertheless, the ongoing session has further propelled the market closer to the 20-day EMA line. Additionally, the Stochastic Relative Strength Index (SRSI) lines are rising into the overbought region, indicating that bullish momentum is still active.
Litecoin Price Prediction: LTC/USDT Market May Attempt to Break Above the 20-Day EMA Curve
From a broader perspective, the Litecoin market is in a downturn. However, recent trading sessions have shown what appears to be a sustained upside retracement. The ongoing session seems to be trying to extend this retracement after price action hovered around the $60 level. The market appears ready to break the consolidation around $60, propelling it further toward the 20-day EMA line.
The appearance of shadows above and below the last price candle suggests that market forces are at play. Nevertheless, the trajectory of the SRSI indicator lines suggests that the upside retracement may continue toward the 20-day EMA line.
Litecoin Price Prediction: LTC/USDT Has Prospects of Clinching More Minimal Profits (4-Hour Chart)
In the 4-hour market, Litecoin’s price action has risen past the 20-day and 50-day EMA lines. Additionally, the last price candle on the chart is green, indicating that buyers are currently in control. Consequently, price action now lies between the four EMA lines on this chart. The SRSI indicator lines also show an upward trajectory, aligning with the current market trend.
The appearance of price action above the 20-day and 50-day EMA lines suggests that bullish forces still have a fair chance of maintaining their lead. The SRSI indicator also retains its path into the overbought region. Therefore, price activity in this timeframe retains the optimism that further price increases may be seen towards the $65 and potentially the $68 level.
