LTC/USD is currently struggling to gain momentum past the $130 mark. Meanwhile, a major support level remains at $124, but if it breaks with a daily candle closing below the level, it is likely that the Litecoin price falls below the lower boundary of the channel.
What to Expect from Litecoin
As reveals by the daily chart, the Litecoin price is hovering below the 9-day and 21-day moving averages. However, if the market price crosses above the 9-day and 21-day moving averages, it can enjoy a period of bullish momentum and it could target the $150 resistance level before potentially looking towards the resistance levels of $175, $185, and $195.
Therefore, if Litecoin (LTC) suffers a breakdown in price below $120, Litecoin may likely suffer a worse fate as it would confirm a downtrend with lower highs and lower lows. Should in case the price decides to stay below the channel, the coin may likely find the critical supports at $80, $70, and $60 as the technical indicator Relative Strength Index (14) suggests a sideways movement.
Against Bitcoin, the Litecoin price is currently following a bearish sentiment as the coin remains under the 9-day and 21-day moving averages. However, if the bulls attempt to gain momentum, the bears are likely to keep releasing a huge pressure on the market as the technical indicator Relative Strength Index (14) stays below 40-level, suggesting more bearish signals.
However, if the Litecoin price falls below the lower boundary of the channel, it may likely hit the nearest support at 3400 SAT. Any further negative movement could significantly lower the price to 3300 SAT and below. In case of a rebound, the coin may test the 4400 SAT above the 9-day and 21-day moving averages before resuming the rally. If the bulls manage to stay well above this barrier, traders could see a bull-run to the resistance level of 4600 SAT and above.