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LTC/USD Drops Below $185 as the Market Bleeds

Litecoin Price Prediction – October 17

The Litecoin value might have to keep above the shifting averages to forestall additional downward motion.

LTC/USD Market

Key Levels:

Resistance ranges: $210, $220, $230

Support ranges: $170, $160, $150

LTCUSD – Daily Chart

LTC/USD falls from $188 to $183 as the downward trending line acts as market resistance. At the time of writing, the value is at present heading in direction of the 9-day shifting common as the $180 assist line wants to be defended by the bulls to forestall additional downward motion. However, the technical indicator Relative Strength Index (14) is probably to drop under 55-level, hinting that even additional value drop could come to play.

Litecoin Price Prediction: Litecoin (LTC) May Drop More

However, the longer that the Litecoin value fails to rally from present buying and selling ranges, the larger the likelihood that we may even see the cryptocurrency falling to a brand new buying and selling low. A break under the $180 assist degree could provoke an excellent deeper decline in direction of the $170, $160, and $150 resistance ranges.

Moreover, the every day chart highlights that LTC/USD at the $190 degree, is a key technical area which bulls want to break and merchants might have to see a sustainable transfer above this degree to retest $192 degree. The final bulls’ objective is created in direction of the ascending channel at $210, $220, and $240 resistance ranges.

When compares with Bitcoin, the Litecoin value is seen shifting downward under the 9-day and 21-day shifting averages. The Litecoin (LTC) on the market cap is but to outline its bullish motion as a result of the market motion has remained clouded by extra pink candles than inexperienced for the previous few days.

However, as the technical indicator Relative Strength Index (14) nosedives to the oversold area, a bearish continuation could roll the market again to the assist of 2900 SAT with a doable break under the decrease boundary of the channel and additional declines could possibly be at 2800 SAT and under, which can set up a brand new low for the market. Meanwhile, any bullish motion above the 9-day shifting common could hit the resistance degree of 3300 SAT and above.

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