Litecoin price analysis: LTC unable to break above $196. Do bulls need more consolidation?

Litecoin price analysis LTC unable to break above Do bulls need more consolidation

TL;DR Breakdown

  • The Litecoin price analysis shows mixed market sentiment.
  • Strong support is found at $190.
  • The nearest resistance is found at $196.

The Litecoin price analysis shows no further improvement in price. The LTC/USD pair price went a little up at the start of the day, but after the first 4 hours, selling pressure has been continuously hindering the price function. The bears have rejected the upside above $196 for the third time during the last four days. The price is going down again as bears are still progressing. The LTC/USD pair sits at $195.7 at the time of writing.

Bears are trying to gain momentum after the bullish episode of yesterday, which was not significant enough to break the price above the said resistance level of $196. Although the last week comparatively proved good for the cryptocurrency value to the extent of gaining 3.2 percent value, as that was made possible only with the steep surge in price when it went as high as $207, bears are mainly in control thereon.

LTC/USD 1-day price chart: Bullish efforts not sufficient as selling pressure is fulsome

The 1-day Litecoin price analysis shows LTC is struggling at $195. The price shows minor improvement, which is almost negligible. During the last few hours, some variations in price have been observed, as the bears are trying to take the lead, as selling pressure is still there, providing support to the bears.

Litecoin price analysis: LTC unable to break above $196. Do bulls need more consolidation? 1
LTC/USD 1-day price chart. Source: tradingview

The price may fall below the moving average (MA) if selling pressure persists, which will be a further indication of the bearish trend. The volatility is comparatively high, with the upper Bollinger band at the $204 mark and the lower band at the $168 mark, making an average at $186 below the price level. The relative strength index (RSI) is in the neutral zone at index 58, showing no signs of up-down movement but may dip down in the coming hours.

Litecoin price analysis: Hourly charts confirm bearish flux

The 4-hours Litecoin price analysis further authenticates the bearish pressure. The price movement has been minimal during the last few hours, with bulls recovering a good chunk, but bears are not going anywhere soon, as they are trying to take their position back on the charts.

Litecoin price analysis: LTC unable to break above $196. Do bulls need more consolidation? 2
LTC/USD 4-hours price chart. Source: Tradingview

The relative strength index (RSI) shows straight-line movement which gives an indication of equaling of selling pressure and buying power, as the RSI is at index 52 and if it falls, the price will go down with it. The volatility is almost persistent, with the upper Bollinger band at the $199 mark and the lower band at the $189 mark; the average is forming at $194, just below the price level. The moving average (MA) is at the $195.2 mark, slightly below the price.

Today most of the technical indicators are towards the buying side due to the overall bullish trend for The entire past month. The moving averages (MA) and exponential moving averages (EMA) like MA10, 20, and MA30 give a buy signal. And EMA 10, 20, and EMA30 are all also giving buy signals.

The oscillators are mostly neutral except for two oscillators, including momentum and MACD giving buy signals. The overall technical indication is for buying, which reinforces the overall bullish trend.

Litecoin price analysis: Conclusion

The daily and hourly Litecoin price analysis report shows that Litecoin is yet not ready to break and sustain above $196. The market is showing mixed sentiment, and LTC/USD pair needs more consolidation to break above the $196 mark. A further decline can be expected in the coming hours but on a controlled level, as the environment is overall bullish.

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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