LTC/USD Trades Below $77; A Rebound Might Come to Focus

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LTC Price Prediction – February 10

Litecoin (LTC) manages to maintain its position despite volatility, while the bulls still maintain the desire to defend the support at $70.

LTC/USD Market

Key Levels:

Resistance levels: $84, $86, $88

Support levels: $66, $64, $62

LTCUSD- Daily Chart

The intraday movement of LTC/USD was not impressive enough. However, if the Litecoin (LTC) improves in the last hours of the day, the intraday traders may expect a positive close. At present, most of the top cryptocurrencies are under tremendous selling pressure. Nevertheless, traders hope for improvement, but it may take some time.

Moreover, a few days ago, LTC/USD started with a trading price of about $67.93 and closed the day with $72.76. Today, the market opened with a little rise after which the bears grabbed the price and dragged it below the point where it started trading a few days ago. With this fall, the coin might not be able to maintain its effectiveness before showing some signs of downward trends.

However, the intraday movement of the coin is quite unstable, but starting at $72.76, a rebound may likely occur and if the bulls can put more effort to push the Litecoin price to cross above the channel. The potential resistances to watch are $84, $86 and $88 while the supports are $66, $64 and $62 as the RSI (14) nosedives from the overbought zone.

Looking at the daily chart, comparing LTC with BTC, we can easily see that the pair has eventually broken solid support at 7500 SAT. Litecoin price could see another sharp drop at the 7400 SAT support level. Breaking this level could further take the price to the critical support levels at 7000 SAT and 6800 SAT below the 21 periods EMA.

LTCBTC – Daily Chart

However, the Litecoin price is trading at the 7460 SAT level, if the bulls can hold the price as it is and move the market upward, the next key resistance levels lie at 7600 SAT and 7800 SAT respectively. Reaching these levels might take it to the potential resistance levels of 8000 SAT and 8200 SAT. Meanwhile, the RSI (14) is recovering the overbought zone, indicating a bearish movement for LTC/BTC.

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