Litecoin (LTC/USD) Prediction: Upward Channel Breakout Triggers Sell-off until $162
Arslan Butt • 2 min read
- Litecoin (LTC) has been developing an upside momentum above $190 but has failed to hold its ground.
- Downticks in the LTC coin could be short-lived, as the broad-based US dollar fell on the day.
- LTC/USD coin is trading with a bearish bias at 167.25, having violated the upward trendline at 173.66.
The LTC/USD crypto pair failed to extend its previous winning streak, dropping sharply to around the $170.00 level. Lately, the Litecoin (LTC) prediction has been developing an upside momentum above $190, but failed to hold its ground and retreated quickly towards $170. However, the Litecoin price is likely to hit the nearest support at $150, $140 and $130.
Currently, Litecoin (LTC) is trading at $170.351, having dropped by 4.55% on the day. The recent declines appeared after the crypto market started to lose ground. This was witnessed after the Bitcoin price failed to stay above the critical $45,000 support zone and dropped below the $45,500 and $45,000 support levels. Conversely, the downticks in the LTC coin could be short-lived, as the broad-based US dollar fell on the day, which may help limit the losses in the LTC/USD coin pair.
The BTC price started a fresh drop after it failed to clear the $48,000 resistance zone. Bitcoin broke the $46,500 support area to move into a short-term bearish zone. It consolidated above $45,500 for some time, but the sellers finally took control.
As a result, there was a push below the $45,000 support and the 100 hourly simple moving average. Bitcoin even spiked below $44,500, trading as low as $44,258. The declines in the BTC prices clearly show that the crypto market is losing ground, and undermining other cryptocurrencies, including LTC.
Federal Open Market Committee (FOMC) Minutes Due
On the USD front, the weak US dollar is a critical factor that is helping to limit deeper losses in the LTC/USD prices. On the USD front, the broad-based US dollar failed to extend its positive early-day performance, turning bearish during the second half of the Asian session.
However, this could also be related to the disappointing US Retail Sales data that was released recently, which raised doubts over the economic recovery in the US and contributed to the losses in the greenback. Meanwhile, the cautious sentiment ahead of the release of the minutes of the Federal Open Market Committee (FOMC) meeting also significantly undermined the dollar.
Litecoin (LTC/USD) Prediction – Technical Outlook – Upward Channel Breakout
The LTC/USD coin is trading with a bearish bias at 167.25, having violated the upward trendline at 173.66. On the lower side, the support holds at the 162 level, and a breakout at this level could extend the selling trend to 157 and 146.
On the higher side, resistance for the LTC/USD pair remains at the 173 level. A bullish breakout at this level could lead the coin towards the 179 and 190 levels. Let’s consider taking sell trades below 173 today. Good luck!