- Litecoin price analysis shows that the altcoin is recovering well.
- Litecoin underwent a major price drop following Bitcoin.
- Strong support is currently found at the $176.70 mark.
- Strong resistance is currently found at the $185 mark.
Litecoin price analysis chart reveals that the altcoin is recovering well after the 7th of September flash crash. Litecoin was among the coins that took a lower blow than other coins. During the past 24-hours, Litecoin has been down by 0.31 percent, while on the seven-day charts, it is down by 1.93 percent. The cryptocurrency is surrounded by bearish tides amidst the recovering movements.
Litecoin price analysis 1 day candlestick reveals bearish crossovers
The one-day Litecoin price analysis reveals bearish crossovers filling in on the charts while the volatility is increased by a few folds. The upper Bollinger band is found at the $221 mark showing the highest resistance point, while the lower Bollinger band is found at the $150 mark showing the biggest support mark. Besides the increased volatility, there are two bearish crossovers filling the charts.
The first bearish crossover is found at the nine-day moving average (MA) value of $197, and the second bearish crossover is found at the Bollinger bands’ average found at the $185.94 mark. While the current price stands at a $181.90 level. The relative strength index is found at the 49.74 neutral value, which presents ample opportunity for bulls to take shape in the future.
LTC/USD 4-hour time chart finds some support despite volatility
The four-hour Litecoin price analysis chart shows some support for the altcoin where the moving average is serving as the support mark instead of resistance, as seen on the one-day chart. The upper Bollinger band is found at the $235 mark showing the strongest resistance point, while the lower Bollinger band is found at the $155 mark revealing the lowest support point.
The king of cryptocurrency, Bitcoin, has taken almost all the coins into this action with the flash drop. The bearish crossover is happening at the Bollinger bands’ average found at the $195 mark. While the nine-day moving average is showing support at the $180 mark. The relative strength index (RSI) also favors the bullish trend with a score of 38.80. The RSI score has been present near the same mark during the past 24-hours, while it was below that since the crash onwards.
Litecoin price analysis conclusion
The Litecoin price analysis explains that the altcoin is going to throw a tough time on the daily chart but is kind of relaxed into the four-hour movement. The trend is largely in favor of the four-hour movement pattern while it is quite volatile on the daily charts. If the current price levels maintain, the altcoin is likely to test the current resistance found at $185 and above. If the current support falters, the altcoin is likely to fall down below the $180 mark.
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