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Litecoin Price Analysis: Litecoin bulls setback below $160

lITECOIN PRICE

TL;DR Breakdown

  • LTC is trading within a descending channel with overhead resistance at $158
  • The next target if it breaks above $168 is $188
  • The first support level is at $165

Litecoin Price Analysis: General price overview

Litecoin has formed a descending triangular structure with a support line near $154 and a resistance structure at $158.  The coin came within the $167 range, at which it was rejected after setting its intraday high on yesterday’s 24-hour chart.  $167 was the head of a head and shoulder pattern with a neckline passing through the current resistance on the 4-hour chart $159. However, the price action moved within a descending trendline from the neckline all the way below the first pivot resistance at $189. At which point, the first angle of the descending triangle begins its base.

Buyers attempted to consolidate at this point only to push the price to $170 and face stiff rejection, which has resulted in a downward correction on the 1-hour chart below the 10-day moving average convergence divergence (MACD).

Litecoin Price Analysis: Litecoin price movement on the 24-hour chart

Litecoin was able to close yesterday’s chart with a gain of 1.33% and hit $157. The coin continued at an early morning uptrend that faced rejection at $158.  Buyers have since attempted to recover the price and beat two critical resistances: the first and second pivot resistance at $165 and $169. A rally in the afternoon was able to win support at $190 and test the first resistance. As a result, the coin crossed to oversold and corrected below $162 once again with a descending triangle. 

Bulls will need to overcome the descending triangle structure in order to rally towards $188.  Breaking above the $190 levels calls for support from the broader market, which will catapult buyers and extend another cryptocurrency rally.  

The bull sees to be in control granted a relative strength index pointing towards the overbought; nonetheless, if the bears can overcome buying pressure, chances of bringing the first pivot resistance into play are high.

Litecoin
Source: Tradeview

Litecoin Price Analysis: Litecoin 1-hour price chart

Litecoin is hovering around the $157 level — the tip of the descending triangle on the 1-hour chart suggests an opportunity for buyers. Chancers of a possible breakout out of the structure are high, extending another uptrend to $180. At the time of writing, the coin is trading at $154 a piece. This level seems to be faced by lots of selling pressure as the coin has already rallied to a 1-hour low of $153, but the bears seem to be holding back towards the $150 support. 

Litecoin Price Analysis: Conclusion 

What lies are either of the following possibilities – an extended sell-off would bring the price of Litecoin below $185. This could end with having the coin touching low levels at the sub $180 levels. On the other hand,  an extended buy-off will form a near-term bullish pattern above $195 and $197- which could end up hitting a weekly high of $210. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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