Litecoin price analysis: LTC bulls to rest on $171.8 support

Litecoin price analysis LTC bulls to fall on support

TL;DR Breakdown

  • Litecoin price analysis is mostly bearish today.
  • Support is found at the $172 level.
  • The current resistance is at the $184 mark.

The Litecoin price analysis reveals a mostly bearish trend today. After a little bullish activity in the morning, LTC/USD met resistance at $184, and a bearish trend has been consistent thereafter. The bears have continued their progress and brought the price down to $ 177.92 at the time of writing.

After the flash crash of 7th September 2021, when LTC/USD pair lost a whopping 38 percent value in a single day, bears are continuously ruling the market for LTC except when LTC gained a five percent value for a few hours on 8th September. This was the last significant gain by LTC, and a very slight improvement has been observed after that.

Litecoin lost almost 2.5 percent value in the last 24 hours and is down by 4.5 percent overall during the previous seven days. Most of the altcoins are on the decline today again, as are the giants’ Bitcoin and Ethereum.

LTC/USD 1-day price chart: Resistance of $184 is proving challenging for LTC bulls

The 1-day price chart for Litecoin price analysis shows that price has been rising very slowly and in tiny increments for the past two days after the major decline of 7th September. A small but gradual price rise is a good sign for intraday traders, but resistance at $183 is proving hard to pass by for LTC/USD pair.

Litecoin price analysis: LTC bulls to rest on $171.8 support 1
LTC/USD 1-day price chart. Source: tradingview

The volatility has been relatively high and consistent for the past three days, and no sign of decline in volatility has been observed. The Bollinger bands are moving straight ahead, with the upper band at $ 221 and the lower band at $150 as per Litecoin price analysis.

The Bollinger bands average is above price level at $185.85, and the moving average (MA) is also above price level at the $197 mark, further indicating a bearish current. The relative strength index (RSI) shows a score of 48 and moves forward unchanged near the centerline.

LTC/USD 4-hours analysis: Bears strengthen their base as price moves down towards $177.92

The 4-hours chart for Litecoin price analysis shows constant red candlesticks are appearing on the chart as bears continue to challenge LTC bulls and drag the price down. The very first few hours of today’s start saw some bullish efforts, and after that, bears are in the lead. The LTC/USD pair traded in the range of $184-$178.

Litecoin price analysis: LTC bulls to rest on $171.8 support 2
LTC/USD 4-hours price chart. Source: Tradingview

The volatility has decreased by a little margin as the Bollinger bands are narrowing down with the upper band at $203 and the lower band at $163, which is a good indication for the crypto pair.

The moving average (MA) has also moved down near the price level and is found at $181, whereas the Bollinger bands average is also moving downwards steeply and is above the price level at $183. A bullish cross-over can happen in the coming hours if demand generates for LTC. The RSI has come down even more to the mark of 37 near the undersold level and still moving down in the bearish horizon.

Litecoin price analysis conclusion

From the above 1-day and 4-hours Litecoin price analysis, it is evident that bearish momentum is on the go, and bears have succeeded in bringing the LTC/USD pair price down as red candlesticks appear for them with every passing hour.

The relative strength index (RSI) is moving near the undersold level and is still going down, which can be a worrying factor. Other than that, a bullish crossover is also not out of the question as moving average and Bollinger bands average, the two critical indicators, are traveling down currently. They may go below the price level, which can be an indication of the price moving upwards in the coming hours.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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