- Litecoin price analysis shows bearish momentum reigning supreme.
- LTC/USD pair has found strong support at the $162 mark.
- LTC struggling to stay above the $165 mark.
Litecoin price analysis shows that the cryptocurrency has lost strong support found at the $175 and on the $170 mark below that to fall below the support levels. Litecoin had been enjoying strong support levels during the past five days, but bearish momentum finally managed to break the support levels. At the time of writing, LTC/USD price stands at the $166.96 mark, with strongest support found at the $162.50 mark.
Litecoin price analysis: bearish momentum broke the support in past 24-hours
The 24-hours Litecoin price chart reveals that the cryptocurrency is in for further bearish momentum in the near future. The past three days have largely been bearish, and the volatility has increased. The Bollinger bands’ upper value stands at $190.16, marking the strongest resistance point. Whereas the Bollinger bands’ lower value stands at the $128.11 mark, marking the strongest long-term support levels.
In the past 24-hours, the strong support previously found at the $175 mark has converted into a strong resistance level after the bearish momentum took control of the price. The moving average value stands at the $174 mark, making it the strongest resistance, while the strongest support is found with the Bollinger bands’ average value of $159.15. The relative strength index (RSI) stands at the 57.24 mark, which is neither overbought nor over-sold level.
LTC/USD price pair shows bearish momentum reigning on 4-hours candlesticks
The bearish momentum is very evident on the four hours candlestick chart, where the lower Bollinger bands value stands at the $165 mark, making it strongest near support. The LTC/USD pair price stands right above it, whereas the moving average stands at the $172 mark, making it the strongest near resistance.
The upper Bollinger bands’ value stands at the $190.99 mark, marking the strongest resistance level for the cryptocurrency. The volatility has also increased by many folds in the past few hours. However, the RSI score stands at 39.69, slightly leaning towards the oversold indication.
Litecoin price analysis: Technical indicators’ summary
Out of the 26 technical indicators, as many as 13 are on buying signal, 10 are on selling indication, and only three indicators stand at the selling signal. Out of the 15 moving average signals, as many as 11 are at a buying sign, while one stands neutral, and three indicators stand at selling sign.
Out of the 11 oscillators, there are zero selling signals, nine neutral signals, and two buying indications at the time of writing. The summary of the technical indicators displays a strong buying position for traders looking to cover some of their previous losses since the cryptocurrency is likely to rise again.
Litecoin price analysis conclusion
Litecoin price analysis shows that the cryptocurrency is in for bearish momentum to keep the price stale above the $165 mark for as long as the next 12-hours. The cryptocurrency is likely to retest the strong resistance found at the $172 mark once the strong support provides a persistent base for a few hours.
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