Litecoin Price Forecast – February 22
The Litecoin price forecast reveals that Litecoin (LTC)’s slight bullish move is still intact.
Resistance Levels: $150, $160, $170
Support Levels: $55, $45, $35
LTCUSD – Daily Chart
LTC/USD is ranging below the 9-day and 21-day moving averages as the Litecoin price is currently at $106 after hitting the daily low of $100.28. However, an early trading session towards the $110 level failed to generate sustainable gains, but any further attempt could lead to the coin breaking above the moving averages.
Litecoin Price Forecast: Litecoin (LTC) needs to stay above the $100 level
According to the daily chart, the longer the Litecoin price does not rise from current trading levels, the greater the chance that buyers will see the Litecoin price drop towards the lower boundary of the channel. However, a break below the $80 level could trigger the current move and cause the market to drop to the $55, $45, and $35 support levels.
However, the current move reveals that Litecoin price could face an upward move if the 9-day MA crosses above the 21-day MA and LTC/USD may need to break out of the $125 technical region, which is above the moving averages that can cause the coin to reach the potential resistance levels of $150, $160 and $170. The Relative Strength Index (14) technical indicator is likely to cross the level 40, which shows that the market can still follow an upward movement.
Against Bitcoin, Litecoin price remains below the 9 and 21-day moving average as the coin hovers at 2804 SAT. However, the bullish structure may not come into play now, but Litecoin (LTC) may continue to move sideways or break above the moving averages if the Relative Strength Index (14) technical indicator crosses above the 40 level.
LTCBTC – Daily Chart
Therefore, until the price breaks above the moving averages, the trend direction may vary. Furthermore, if the coin moves up and crosses above the upper boundary of the channel, it could reach the potential resistance level of 3300 SAT and above, while the support level could be located at 2300 SAT and below.
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