Litecoin price has been hovering between $100 and $148 during the month of July. On the July 19th, LTC price saw the lowest level at $104. While the monthly high was observed on July 4th when the LTC/USD pair had hit the $147 high. Since then the cryptocurrency has seen bearish momentum taking hold of the market. The bearish trend continued for the next five days when the price hit the lowest only to regain bullish momentum from that point onwards towards the $147 mark once again.
On the 4-hours candlestick chart, LTC/USD is showing comparatively low volatility than the past week. A reverse head and shoulders type pattern has already pushed the price above the $135 mark that stands at the $144.76 mark at the time of writing. The volatility of the cryptocurrency on the Bollinger band also shows a promising decline in the volatility area.
The volume is standing at the lower side with green candles leading the market in the past-24 hours. While the 9-day moving average is also showing a promising rise in the price that is likely to continue unless interrupted by another pattern.
The 1-day candlestick chart for LTC/USD further confirms the bullish momentum that the coin is enjoying at the time of writing. It is evident from the chart that LTC/USD showed very high volatility in the months of May and June. But in the month of July LTC/USD are showing very low volatility.
Since the start of July, the volatility first came down and then the bearish momentum was pushed away by the bullish momentum in the bid to control the market. After the mid of July, the bearish momentum was completely sidelined as seen in Litecoin price analysis. The bearish momentum can be seen taking shape again in the past hour but at the same time, the bullish momentum is seen pushing the price back into the bullish momentum.
The low trading volume is helping the bearish momentum to gain control of the market, while the low volatility and the moving averages are helping the cryptocurrency to stay afloat in the bullish momentum.
Out of the 26 technical indicators available to us, 10 are at the buy signal, and eight stands at neutral giving a strong position for buying. On the other hand, only eight indicators out of the total are indicating a sell signal according to Litecoin price analysis. Out of the total 11 oscillator indicators, two each stand on buying and selling while seven stand neutral. Out of the 15 moving average indicators, eight are giving a buy signal, one is at neutral and six are on the sell signal.
Litecoin is enjoying a good bullish momentum and trading volume is the only downside at the time of writing. If the trading volume increases the coin is very likely to maintain the current support and break past the resistance level to the $145 and beyond highs as per Litecoin price analysis. On the other hand, if the bearish momentum manages to control the market it can fall down to the $130 level before retesting the $140 resistance.
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.
This post was last modified on July 31, 2021 12:21 pm
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