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Litecoin price analysis: LTC not ready to challenge the $190 mark

Litecoin price analysis LTC not ready to challenge the mark

TL;DR Breakdown

  • Litecoin price analysis is tilted towards the bearish side today.
  • Resistance is present at $189.7.
  • Support is evidently strong at $183.

The Litecoin price analysis shows that price has undergone a decrease today. After closing at $188.67 yesterday, bears took over and brought the price as low as $185.8 today, but bullish efforts started soon, and the further downside was rejected, and the price is recovered back to $187. LTC/USD pair seems to be in correction mode today. Overall trending line is upwards for LTC/USD as the coin has seen major improvement during the last three weeks.

LTC/USD 1-day price chart: Correction looms

The 1-day price chart for Litecoin price analysis shows price movement is downwards. Though the price trendline is still upwards for price function, bears have provided hindrance today as LTC shows correction. The LTC/USD pair is trading hands at $187 at the time of writing by losing 1.37 percent value over the last 24 hours; however, the cryptocurrency reports a gain of 8.78 percent over the course of the last seven days. The market cap also went down by 1.84 percent resulting in the market dominance of 0.51 percent as the trading volume also went down by 22 percent.

Litecoin price analysis: LTC not ready to challenge the $190 mark 1
LTC/USD 1-day price chart. Source: TradingView

The volatility is decreasing for LTC/USD pair as the Bollinger bands are converging steeply with the upper band at $192 representing the resistance, as the price is trading near but below the upper band, and the lower band is at $164, the mean average of the indicator is at $178.33 which represents support for LTC/USD.

The relative strength index (RSI) shows a slight downwards slope and is found at index 58 in the upper half of the neutral zone. The RSI is at an acceptable level, but the downslope indicates the presence of sellers in the market. However, the selling activity does not seem intense.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows an aggressive bears entry on the price chart, which dominated for the starting four hours of today’s session, but further downside after reaching $185.8 was declined as bulls came to rescue the LTC price by swiftly taking over the price function. The price is again on recovery at the current time, which proves the LTC is in the correction phase today.

Litecoin price analysis: LTC not ready to challenge the $190 mark 2
LTC/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour price chart is mild, with the upper Bollinger band at the $190 mark and the lower band at the $181 mark. The average of the Bollinger bands at $185.7 proved vital support in the current scenario. As can be seen in the chart, the price was rescued just at the mean average point. The RSI has again taken a turn and is going up again, indicating an increase in buying currently.

The price on the 4-hour chart is moving up towards the moving average (MA), which is still above the price level at the $187.34 mark, complementing the bearish trend of today, but if the price travels above the MA, this will be a bullish crossover.

Litecoin price analysis: conclusion

The Litecoin price analysis reveals that the coin is correcting before making another leap as LTC bulls consolidate. The LTC/USD pair does not seem ready to break through the $190 resistance as of today, but if LTC gets enough consolidation, a breakthrough is possible also, if not in the coming hours, then maybe by tomorrow.

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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