As we can see, LTC/USD is recovering back above the 9-day moving average and towards the previous resistance of $86. An increase above this initial resistance could trigger intense buying to $100, $105, and $110 resistance levels. In other words, looking at the downside, the Litecoin price may likely hold support level at $82.24 which is the current daily low. Therefore, if the Litecoin price drops below this support level, it may likely hit the closest support at $80.

Meanwhile, the next support after this is located at $70 where it may even dip to $65 and $60 supports if the selling volume keeps increasing. Nevertheless, the technical indicator RSI (14) reveals that the market may likely follow the sideways movement if the signal line keeps moving in the same direction below the 60-level.

Comparing with Bitcoin, the buyers are making an attempt to step back into the market as the coin is trying to move above the 9-day and 21-day moving averages. Meanwhile, from the upside, the nearest level of resistance lies at 4600 SAT and above this, higher resistance lies at 4800 SAT and 5000 SAT.

Looking at the downside; the nearest level of support is 4200 SAT and beneath this, further support lies at 4000 SAT. If the price drops further to create a new low, lower support is therefore located at 3800 SAT and 3600 SAT respectively. The RSI (14) is moving around the 50-level which shows that the bulls may come into focus.

Reference by: Azeez Mustapha