Litecoin Price Prediction: LTC downtrend showing chances of a bounce-back above $185

Litecoin price prediction summary

• LTC/USD pair dropped below $230 on yesterday’s trading session.
• It has now broken that barrier, but it is quickly returning to it.
• The RSI is now in the ‘30s.

Yesterday, the LTC/USD pair dropped below $230, after trading as high as $262.10 over the weekend. However, the cryptocurrency triggered buy orders near 172.80 and climbed briefly above the 182.10 mark before retreating once more.

It has now broken that barrier, but it is quickly returning to it. Overall, the cryptocurrency continues to print higher highs and higher lows above the upside support line drawn from the low of September 29th, indicating a favorable long-term outlook. Since then, it has recovered somewhat. Overall, the short-term prospects are good. Another attempt above 182.10 could encourage the buyers to push the action towards the peak of September 16th, at around 194.70. They may decide to take a break after testing that zone, thereby allowing a retreat.

However, since that retreat continues to be restricted above the aforementioned upside line, we may expect another leg north. This time, the bulls may overcome the 194.70 barriers, a move that might lead to more substantial extensions and perhaps even September 6th’s inside swing low of 214.20.

Litecoin price prediction short term indicators

Looking at our short-term indicators, the RSI is currently considerably lower than 70, having recently risen again, while the MACD runs slightly higher than both its zero and trigger lines. Both indicators point to an increase in momentum and support the case for further cryptocurrency recovery.

The RSI is now in the ‘30s, which indicates that a bearish mood has taken hold. We’ll look for a dip below 163.30 to confirm the break below the pre-determined upside line and to begin looking at whether the bears have regained their footing. This may suggest that the market has broken through the pre-mentioned upside

The next break below 154.25 might provide room for additional extensions toward the 142.53 level, which was hit on October 1st, or towards the 139.40 zone, which was touched on September 29th.

Finally, the bulls may attempt to take control once more and push prices back into the mid-$200s.

Since then, it has been range-bound between $200 and $220. However, given that we’re in a bull market, traders should consider buying on dips. A break above 214.20 would give a long-term buy signal, leading to a stochastic buy signal.