Price Activity at $192 Support Defines Near-Term Direction
The Litecoin price prediction for the weekend will depend on the price action around the current support at $192. This scenario follows the corrective decline seen in the LTC/USD pair, confirming its positive correlation with Bitcoin prices.
Bitcoin has also seen a second day of price correction after seeing new record highs on Wednesday. However, Litecoin remains far off from its all-time highs and has seen much lower buying interest than Bitcoin. But data from Glassnode shows that the number of active Litecoin addresses is rising, even when the LTC/USD pair has been posting progressively lower highs since June.
The price support at $192.49 was the site of previous highs in June and August, before three violations of this level occurred. It is now to be tested as a role-reversed support.
Litecoin Price Prediction
The channel on the daily chart plots the trajectory for the LTC/USD pair. The daily bar is testing support at 192.49. If this support gives way, the channel will be broken and the pathway towards 180.82 becomes clearer. Below this new support target, 160.72 and 142.57 also serve as additional targets to the south.
On the other hand, a bounce on the 192.49 support allows the price to aim for the opposing channel border at 220.37. If the bulls uncap this resistance, the 240.46 resistance becomes available. A further advance towards 242.41 or 263.37 will point to new 7-month highs.
LTC/USD Daily Chart
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