- Summary:
- Litecoin price is still within a descending channel. While it may record some gains over the weekend, it will likely remain under pressure.
Litecoin price is hovering above $200, down from the week’s high of $220.30. While the altcoin may record some gains over the weekend, it may lack enough bullish momentum to break the resistance at $230.50. Seeing that the level has been a crucial one since earlier in the year, it will act as the pivot for the altcoin’s price movements. Above it, the bulls have an opportunity to hit and surpass the psychologically important zone of $250.
Litecoin price prediction
LTC is hovering around the psychological level of 200 after dropping from the week’s high of 220. As observed in other cryptocurrencies, the altcoin has been subject to heightened volatility since mid-November.
On a four-hour chart, Litecoin price is trading along the 25 and 50-day EMAs, which have converged at around 206. At the time of writing, it was up by 1.51% at 206.70. In the short term, the outlook is rather neutral. However, I hold a bearish bias.
Litecoin price has remained within a descending channel since early November. While the crypto may record some gains as the week comes to an end, it will likely remain under pressure. For a trend reversal to be apparent, the bulls have to gather enough momentum to push past the crucial resistance level of 230.50.
In the meantime, Litecoin price will likely face resistance at 210.24 or higher up at 220.30. As it trades within a tight range, 200.18 will probably be the horizontal channel’s lower border. Below that level, 185.65 will be a viable support zone.
