Litecoin price analysis: Bullish LTC struggles to break above $196 resistance

Litecoin price analysis Bullish LTC struggles to break above resistance

TL;DR Breakdown

  • Litecoin price analysis is bullish today.
  • Resistance is present at $207.
  • Support for LTC/USD is found at $189.

The Litecoin price analysis reveals the cryptocurrency is in bullish mode but finding it hard to break above the current resistance level of $196. This is the exact resistance which we pointed out in our yesterday’s technical analysis for LTC. However, LTC is above $196 by a difference of a few decimals but is falling again and again below the resistance level. LTC/USD needs more push to break above and turn the great resistance into support, and there are ample chances for an up move.

If LTC/USD successfully passes the $196 range, then the next target will be to hold above the $200 handle before marching further to the next resistance of $207.

LTC/USD 1-day price chart: LTC bulls need more support

The 1-day price chart for Litecoin price analysis shows bullish efforts are on the go amid high market pressure at the $196 range. Currently, LTC/USD pair is trading hands at $196.62 at the time of writing. Litecoin over the past 24 hours shows an improvement in price by 1.6 percent and reports a gain of nearly five percent over the course of the last seven days. Though the trading volume is down by 13.7 percent, the market cap has improved by 1.8 percent over the last 24 hours, giving a market dominance of 0.53 to Litecoin.

Litecoin price analysis: Bullish LTC struggles to break above $196 resistance 1
LTC/USD 1-day price chart. Source: TradingView

The volatility is comparatively high for LTC/USD pair as the upper Bollinger band is at the $202 mark representing resistance for LTC/USD, and the lower band is at the $166 mark, making a mean average at the $184 mark, the average of the indicator represents support for LTC. The Bollinger bands indicator suggests, the LTC will face another selling pressure at the $202 level if it breaks above the $200 psychological mark.

The relative strength index is at index 59 in the upper half of the neutral zone. But the straight horizontal movement of the RSI indicates an equal buying and selling activity in the market, which has slowed down the price movement.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows the price went smoothly up to $198.4 during the first four hours of today’s session, but then selling pressure kicked in and pulled the price back to the $196-$195 range. Chances are there for further price degradation in the coming hours.

Litecoin price analysis: Bullish LTC struggles to break above $196 resistance 2
LTC/USD 4-hours price chart. Source: TradingView

The volatility is still high on the 4-hour chart but now decreasing slowly as the Bollinger band show convergence with the upper band at the $207 mark and the lower band at the $188 mark, making an average at the $194 mark, which represent support for LTC. However, the reading of the upper band reconfirms the resistance of $207 as previously described. The RSI shows some worrying performance on the 4-hour chart, as it has taken a downwards slope, indicating overwhelming selling activity, negating the bullish efforts at the current time. The RSI is trading at index 52.

Overall the environment is bullish for LTC as it trades near the $200 range. Most of the technical indicators are showing bullish signs, amounting to a number of 14, including the moving averages and the MACD oscillator. On the other hand, three technical indicators are showing bearish signs, including the Momentum oscillator. However, nine technical indicators stand neutral at this time.

Litecoin price analysis: conclusion

The Litecoin price analysis suggests the bulls need more push to break above the $196 resistance. If LTC breaks above the $196, then the next target will be $202. On the other hand, if LTC falls prey to the bearish side, then it might visit back the support at $190. Chances are still there for an upwards breakout 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.

Related News

Hot Stories

Polkadot price analysis: Bulls reclaim $8.79 position after the latest upturn
Bitcoin, Ethereum, Polkadot, and Dogecoin Daily Price Analyses – 7 August Roundup
How to Stake Kava: Is 110% APY on BUSD legit?
Avalanche price analysis: AVAX continues to move upwards with $35 target
How to Stake on Uniswap: A Quick Guide to Passive Income

Follow Us

Industry News

Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund