Litecoin (LTC) Price Prediction: LTC/USDT Is Retracing Its Steps Towards the $75 Price Level
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Litecoin (LTC) Price Prediction: July 2
The Litecoin market fell below the $75 threshold over the past sessions; however, as soon as the market tested below the $70 mark, it rebounded northwards. This rebound has continued and has met with a minor deflection, which buyers are now trying to shake off in the ongoing session.
LTC/USDT Long-term Trend: Bullish (Daily Chart)
Key Price Levels:
Resistance Levels: $80, $90, and $100
Support Levels: $70, $60, and $50
More recently, price activity in the Litecoin daily market can be seen to have retraced its way toward the 20-day Exponential Moving Average (EMA) curve. However, headwinds have caused the market to retreat below the indicator line. Nevertheless, today’s trading activity has kept the market lurking around the same 20-day EMA curve. Meanwhile, the Stochastic Relative Strength Index (SRSI) has reached the overbought region, and the lines of the indicator can be seen to have drawn closer to each other but haven’t delivered a bullish crossover as they are now oriented sideways.
Litecoin Price Prediction: LTC/USDT Are Trying to Continue the Upside Correction But Seem Weak
Upside forces in the Litecoin daily market can be seen to have produced a roughly $5 gain since price action tested the $70 mark. Price activity in the market has taken on an upside trajectory, which seems to have cooled in more recent sessions after hitting the 20-day EMA curve. Consequently, the ongoing session has retreated below the EMA lines. Also, the lines of the MACD now journey closer to each other.
Consequently, the ongoing session has witnessed just minimal propulsion, as indicated by the appearance of the last price candle. This shows that upside forces are strained and are only trying to stay afloat. Nevertheless, the market may gain more momentum should additional favorable sentiment locate it in subsequent sessions.
LTC/USDT Medium-term Trend: Litecoin Market Seems Favorably Positioned (4H Chart)
Coming to the Litecoin 4-hour price chart, one can see that the ongoing session has placed the coin above the 20- and 50-day Exponential Moving Average (EMA) curves. Likewise, the current price of the token sits just above the 100-day EMA curve. Meanwhile, the SRSI indicator lines have delivered an upside crossover deep in the oversold region, and the resulting lines are rising upward.
Indications arising from the 4-hour market suggest that the market may continue on its upward path. The crossover that has occurred deep in the oversold region suggests that if bulls can keep it steady, they may considerably propel the market. Meanwhile, the position of the last price candle suggests that price action has the needed base of support to facilitate an additional upward correction towards the $80 mark.
