Litecoin price analysis: LTC marks a higher low at $193, as bulls regain control

Litecoin price analysis LTC marks a higher low at as bulls regain control

TL;DR Breakdown

  • Litecoin price analysis is bullish today.
  • Resistance is present at $196.7.
  • Support is evidently strong at $189.

The Litecoin price analysis is on the bullish side as the price shows recovery after a bearish trial for the past two days. LTC/USD observed a monthly high on Wednesday 20th October, when it broke above $200, $207 to be exact, but could not sustain the position and reverted back to $196 the next day, followed by another low of $190 yesterday. But LTC/USD rejected further downside, as bulls regain control over the price function, and an increase in price is observed today. The next resistance for LTC bulls is present at $196.

LTC/USD 1-day price chart: Price moves up after a loss

The 1-day price chart for Litecoin price analysis shows the price has been uplifted to $193 at the time of writing, as bulls covered an upwards range from $190.7 to $193 today. LTC/USD is still at a loss of 3.5 percent over the last 24 hours due to the bearish trend for the last two days. But the cryptocurrency reports a gain of 1.9 percent over the course of the past seven days. The trading volume shows a decline of 18 percent, taking the market cap down by 3 percent.

Litecoin price analysis: LTC marks a higher low at $193, as bulls regain control 1
LTC/USD 1-day price chart. Source: TradingView

The volatility is mild for LTC/USD pair, and the Bollinger bands show an upwards movement with its upper band at $201, representing resistance, and the lower band at $164. The mean average of the indicator is below the price level representing support for LTC at $183.

The relative strength index (RSI) is in the upper half of the neutral zone at index 57, trading on a slight upwards curve, indicating a buying activity in the market but not very intense. However, there is quite a leeway for buyers to practice their skills.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows a bearish return as the price shows a small deficit recently. The price breakup was upwards at the start of today’s session and continued to increase for the first four hours, but recently some selling pressure has been observed, which reduced the price to the current level of $193. The deficit is quite small but has provided a hindrance for the further upside.

Litecoin price analysis: LTC marks a higher low at $193, as bulls regain control 2
LTC/USD 4-hours price chart. Source: TradingView

The volatility is quite high on the 4-hour chart but now slowly decreasing as the Bollinger bands show convergence. The mean average of the Bollinger bands is at $197 on the 4-hour chart, representing resistance for LTC. The RSI is also on a downwards slope in the lower half of the neutral zone, indicating the current selling activity in the market.

Overall technical indications are still bullish because of the recent breakup of LTC above the $200 range, and almost 14 technical indicators, including the moving averages and exponential moving averages and the MACD oscillator, support the bullish side. On the contrary, two technical indicators, including the Momentum and Hull moving average, support the bearish side.

Litecoin price analysis: conclusion

The Litecoin technical analysis shows LTC/USD is finding it hard to move up near the $200 mark currently, as the LTC/USD dipped down steeply from the $209 mark, going as low as $190.7. Currently, LTC/USD is consolidating, and bulls need more consolidation for further upside.

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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