TL; DR Breakdown
- The daily Litecoin price chart began the day with the sellers in command of the market.
- The Bollinger bands are narrow on the daily Litecoin price analysis chart, suggesting a mild volatile market.
- The LTC/USD pair price has reached $174 at the time of writing.
Litecoin price analysis: General price overview
The daily Litecoin price analysis chart began with the sellers in command of the market. Bulls established solid support at the low end of the day’s trading, $170, five minutes later. As a result, prices rose and formed head and shoulder patterns to the intraday highs of $185, which sellers had established. Sellers erected a significant barrier that made it hard for the bulls to overcome. As a result, strong resistance by sellers allowed them to dominate the LTC/USD market, resulting in sharp drops.
The LTC/USD pair price has reached $174 at the time of writing. After yesterday’s bullish activity of the first half, LTC was continuously on the decline for the rest of the day, though overall, an increase in total value was noted yesterday. Still, bears were ruling the LTC market unchallenged till the end of the day.
Bitcoin is trading at $44K, a -2 percent variation from the previous close. Bitcoin’s closest competition has fallen slightly below $3.2K with more than a 5% difference. Binance Coin (BNB) is also losing value in the same negative direction. The price of DOT surged today, recording the greatest rise of the day, owing to buyers moving to it. LTC/USD is also mired in a total bear market, with prices dropping by 16%. This should be welcoming news for traders who have not yet put their fiat into the cryptocurrency market. Investing in the crypto market is not for everyone, but if you’re willing to invest in the space, you should do so when it’s bearish and wait for the bulls to turn things around and sell the coins.
LTC/USD 4-hours analysis: LTC to retest resistance of $184
The Bollinger bands are narrow on the daily price chart, suggesting a mild volatile market. The LTC/USD pair is leaning towards the upper Bollinger band, indicating that bulls have the upper hand in the market.
Litecoin price analysis: Conclusion
The Bollinger bands appear narrow on the daily price analysis chart; this suggests a calm volatile market. The LINK/USD pair is approaching the upper Bollinger band. This indicates that as the market approaches an overbought region, the bull’s pressure increases. We expect the coin’s price to surge to $185 in the next 24 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.