LTC/USD Drops Below $165 as Bears are Back

Litecoin Price Prediction – December 9

The Litecoin price prediction witnesses a slight drop today, amounting to a 7.12% loss with a current trading price around $153.44.

LTC/USD Market

Key Levels:

Resistance levels: $190, $200, $210

Support levels: $130, $120, $110

At the time of writing, LTC/USD is changing hands at $153.44, down 7.12% on a day-to-day basis. The coin is seen heading towards the downside as the price is ready to break below the lower boundary of the channel. LTC/USD continues to move within a short-term bearish trend amid low volatility. If the market regains positive momentum, LTC price may continue to respect the channel pattern. Otherwise, more breakdowns may come to focus.

Litecoin Price Prediction: LTC/USD Is Likely to Drop More

A possible retracement below the lower boundary of the channel may drag the Litecoin price to $130, $120, and $110 supports, creating a new monthly low. But if the market price decides to move upward, buying pressure may hit the nearest resistance at $170 and $180. As it is now, there’s a need for a pullback for the market to regain strength. A sustainable move above the 9-day moving average is needed for the upside to gain traction with the next focus on $190, $200, and $210 resistance levels.

Against Bitcoin, the Litecoin price is following a bearish sentiment now as the coin suffers a slight downtrend pressure from Bitcoin. However, if the bulls attempt to gain momentum, the bears are likely to keep releasing a huge pressure on the market as the technical indicator Relative Strength Index (14) heads to the south.

Moreover, if the Litecoin falls below the support level of 3000 SAT, it could significantly lower the price to 2800 SAT and below. In case of a rebound, the coin can cross above the 9-day and 21-day moving averages before resuming the rally. If the bulls manage to stay well above this barrier, traders could see a bull-run to the resistance level of 3700 and above.

Looking to buy or trade Litecoin (LTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more: