Litecoin Price Prediction Indicates 6% Price Drop This Week

• Litecoin price is about to revisit the key $50 support.
• Today the bears successfully pulled Litecoin price below the 20-DMA.
• The RSI indicator started moving down below the semi-line.

The price of Litecoin has once again turned negative, indicating a retest of the $50 level. This round level was a crucial defence area for the bulls, as well as a source of assistance at times. After a significant price pullback from the $65 to $70 barrier range, Litecoin has gone sideways. Sellers are doing well in this zone and have met significant price rejection.

So far, both the long and short term price views suggest a severe sideways trend. Buyers have attempted numerous times to circumvent the no-trading zone. The price of Litecoin has lately fallen due to heavy selling pressure. Meanwhile, as of press time, the Litecoin price is $53.2 versus the USDT pair.

Source: LTC/USDT by tradingview

In the 4 hours chart, Litecoin price is observed under the box pattern (above the chart). Recently, buyers failed to move prices above this sideways range. Resulting in, bears aim to revisit the $50-support level. This retracement phase occurs because Bitcoin fails to sustain the $20K level. Hence, Litecoin price along with Bitcoin pair is down 0.58% at 0.002675 Satoshis. 

What’s Next After This Week?

Source: LTC/USDT by tradingview

Trading volumes are decreasing this week, so buyers are unable to reverse the trend. Thus, today the bears successfully pulled Litecoin price below the 20-day EMA at this point, but the bulls still have a chance to hold the price above this level. The 100-DMA acts as an immediate resistance level in the context of the daily price scale.

Due to this pullback, the daily RSI indicator started moving below the semi-line, indicating a further downside in Litecoin price.

Conclusion

Litecoin price is dominated by market sellers from the 100-day moving average and it hit the 20-DMA today. The price forecast shows a retest of $50 for the week amid a sideways trend. If Litecoin price falls below the $50 mark, it could retest the latest yearly lows.

Resistance level- $64 and $100

Support level- $50 and $40

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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