Litecoin price analysis: LTC hovers near $140 as bulls ride ascending price channel

Litecoin price analysis LTC hovers near as bulls ride ascending price channel

TL;DR Breakdown

  • Litecoin price analysis turns neutral with first major support at $136
  • The pivot level at $143 is turning out to be a tough level to crack
  • LTC/USD faces first major resistance at $147

Litecoin had a mixed start to the day, which started rising early in the morning to an intraday high of $149.87 before reversing. Litecoin has broken through two major resistance levels in recent days at $147 and $149.

The reversal saw Litecoin’s value plunge to a late intraday low of $138.14. Litecoin fell to $142 levels before a partial rebound.

Litecoin price movement in the last 24 hours: Oscillating between support levels

Litecoin price analysis: LTC hovers near $140 as bulls ride ascending price channel 1
Litecoin 1-day price chart Source: TradingView

Litecoin price is performing well on the market, with LTC/USD trading above the 9 and 21 day moving averages. A rise of 1.8 percent has been noted daily.  The candle formations of the last few days are respecting the current upward movement. Crossing below the 9-day moving average might position the market price in decline as per Litecoin price analysis.

Meanwhile, support is located around the 21-day moving average at 130$. A north wave might see a high movement above the upper boundary of the channel. The Litecoin price seems to be moving in parallel to the ascending channel according to Litecoin price analysis.

The price of Litecoin is retreating from the daily high set earlier today. Meanwhile, even if the price falls below our prediction, it could still trigger intense buying at $170, $180, and $190 resistance levels.

LTC/USD 4-hour chart: Accumulation before the rise?

Litecoin price analysis: LTC hovers near $140 as bulls ride ascending price channel 2
Litecoin 4-hour price chart Source: TradingView

On the other hand, the Litecoin price may hover near the support level at $138. That is the current daily low. If the Litecoin price falls below the $125 support level, it is likely to drop down to its nearest support point at $125.

In the meantime, support is at the 21-day EMA for prices to potentially dip below $120, $110, or even as low as $100 if there is enough selling volume. More importantly, the technical indicator Relative Strength Index indicates that the market may cross around 60 if the signal line’s upward trend continues.

Buyers are cashing in at the moment while Bitcoin dips below the 21-day moving average. On the LTC/BTC front, things aren’t much different either. Meanwhile, from the upside control point of view, the closest resistance level is at 3800 SAT, and above as the technical indicator, RSI (14) moves beyond the 40-level. The 9-day MA is still less than the 21-day MA. This could mean that the market may stay on the downside.

Litecoin price analysis conclusion: Bulls are sensing a rising price channel

After a slightly mixed morning, Litecoin had faced a decline to $139.93 and then went on to once again test the $141.36 level. The LTC/USD pair oscillated without hitting any nearby support and resistance regions.

Litecoin price analysis shows that the pair needs move above the $143 pivot to initiate the play towards the $147 resistance. The broader market support would play a major role in breaking above the $145 levels. If Bitcoin does not rally, there will be high resistance to any significant move higher.

In case a prolonged breakout does happen, LTC may make a move towards $155 resistance. A failure to budge past point $142.5 can trigger another sell off.

Likely, Litecoin will not continue to sell off and drop below the $130 price. The second level of support at $131 should limit the downside of today’s Litecoin price analysis.

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.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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