The daily movement of LTC/USD has not been impressive since August 18. Most importantly, 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.

Where is LTC Price Going Next?
The Litecoin price may continue to experience a downtrend if it falls beneath the support at $40. However, if the sellers do push Litecoin beneath the mentioned-support, provided by the short term, traders can expect additional support at $38. This is then followed with added support at $36 and $34 levels below the 9-day and 21-day moving averages.

On the upside, resistance lies at $46 and $48 which is above the moving averages, higher resistance lies at $54, $56, and $58. The technical indicator RSI (14) is moving around 42-level which reveals that the sellers may continue to dominate the market momentum. For any bullish movement, the technical indicator would need to climb above 50-level for the market to embark on the upward movement.

Comparing with BTC, the daily chart reveals that the coin is moving sideways. At the moment, the market price is falling as the sellers are posing more threat to the 4200 SAT support level where the nearest target lies. Meanwhile, an eventual break may likely lead to the collapse of the coin.

Reference by: Azeez Mustapha