LTC Price Prediction – January 7
Litecoin price is trading in positive territory with 0.63% gains and running towards a fifth consecutive day in the green.
Resistance levels: $50, $52, $54
Support levels: $40, $38, $36
For the past 5 days, Litecoin (LTC) has seen a decent price bumps from $39 to $46 resistance level, making it one of the best performing coin in the top 10. LTC/USD is currently trading at around $46.08. The Litecoin price action is showing a strong sign of upside momentum, as it seems to reclaim back the $50 level.
However, the bulls are making a good way to push to escape a bearish technical set up. For now, the recent price hike seen today may allow LTC to break above a long-term ascending trend line which is a good sign for the bulls. However, if the bulls continue to move above $46, the next level of significant resistance lies at $48.
Above this level, we can expect higher resistance at $50, $52 and $54 while the support can be found at $40, $38 and $36. Meanwhile, the stochastic RSI is extremely within the overbought zone, giving bullish signals which indicate that the bulls are in control of the market momentum now.
With Bitcoin comparison, the market has evolved for a while in a very different way. But currently, sellers and buyers are trying to decide who will control the market but currently moving under the 9-day moving average and towards the lower boundary of the channel while the RSI (14) is falling towards 45-level.
However, the downtrend is seen giving the sellers the confidence to increase their entries. More so, if the bears succeeded in the broken price, one would expect the market to fall to the support level of 5500 SAT and 5400 SAT. Meanwhile, a rebound could increase it to the 6150 SAT and 6250 SAT resistance level.
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