Litecoin Price Prediction – May 22
The Litecoin price is moving down synchronously within the market and its sell-offs may be extended below the lower boundary of the channel.
Resistance levels: $280, $300, $320
Support levels: $70, $50, $30
LTC/USD is changing hands to $175.27 as the price is down by 2.77%. The coin is moving synchronously around the lower boundary of the channel. The Litecoin price is mainly influenced by speculative sentiment and technical factors, while fundamental developments remain in the shadows. However, the cryptocurrency market is known for its herd behavior because everything grows and falls simultaneously.
Litecoin Price Prediction: More Falls May Come to Play
During the European session, LTC/USD moves above the $180 level as bulls couldn’t hold the ground and the coin later moved below the opening price of $180.33. More so, the wide-spread retracement on the market may push the coin below the channel with the next local support created by $160.
Moreover, dropping below the lower boundary of the channel is likely to gain traction with the next focus on $70, $50, and $30 support levels. On the upside, the initial resistance is created above the 9-day moving average at $250. Traders may need to see a sustainable move above this level to test $270.
Furthermore, the further bullish movement could touch the $280, $300, and $320 resistance levels despite the fact that the daily Relative Strength Index (14) is seen moving towards the oversold region, suggesting more bearish signals.
Against Bitcoin, the Litecoin price is following a downward movement, as the coin remains below the 9-day and 21-day moving averages. Therefore, bulls may need to push the market above the 9-day and 21-day moving averages but the technical indicator RSI (14) keeps to the negative side. However, the critical support level is located around the 3600 SAT and below.
Moreover, if bulls repower the market, the Litecoin price may likely move towards the north to look for the potential resistance level at 5800 SAT and above. Meanwhile, LTC/BTC is currently changing hands to 4573 SAT and a spike in volatility could occur if the technical indicator forms a new trend.