TL;DR Breakdown
- Litecoin price analysis is bullish today.
- LTC/USD is currently trading at $230.
- Reaction higher likely to follow later today.
The price of Litecoin is presently rising because we anticipate the market to recover following a powerful selloff that began at midnight. As a result, LTC/USD will most likely rise further, with the first significant barrier expected to be $250 next tested.
There was a sharp fall in Litecoin’s price just before midnight, which made us suspect that the market could reverse, and it did. Since then, the “Silver Coin” has been rising steadily to test resistance provided by $230. A break of this level might see LTC/USD rise further toward the next barrier at $250.
The Relative Strength Index is currently above 50 but falling, so prices are likely to continue following an uptrend. However, if these figures go higher convincingly, there may be a chance of seeing another drop away from support levels around $200.
We expect some stability following the selloff to follow between $220 and $230. If the market remains neutral, prices will likely continue following an uptrend pattern.
The process may take a few hours, but if support below $200 continues, we expect Litecoin to rise toward $250 in the next 24 hours or so.
The MACD of the weekly LTC/USD pair is currently providing resistance at zero. Given that this is a weekly graph, it may take some time for prices to rise, but if the historical precedent of weekly charts is considered, we expect a break northward soon.
LTC/USD 4-hour chart: LTC looks to recover to $250?
On the 4-hour chart, we can see bullish momentum returning for the Litecoin price action, likely resulting in previous support at $250 tested as resistance later today.
The price of litecoin has been on a tear lately. LTC/USD, after making an early advance in November, LTC/USD topped at $210 before establishing a higher low at $190.
After that, Litecoin’s price advanced rapidly, bringing it to a new several-month high of $300. After retracing to $250, the price fell again before establishing a higher high at $280. On November 13th, a somewhat lower low was set, followed by another test of upside peaking at $280 once more.
Currently, buyers are trying to keep prices above $200, but there is no guarantee they’ll be successful, so traders should wait for confirmation before trading the breakout point. A new trend will form if either side manages to break above or below their respective support levels provided by $220 and $190, respectively. If not, then the price action will most likely remain neutral with minor fluctuations between these two values.
The Relative Strength Index is currently above 50 but falling, so prices are likely to continue following an uptrend. However, if these figures go higher convincingly, there may be a chance of seeing another drop away from support levels around $200.
We expect some stability following the selloff to follow between $220 and $230. If the market remains neutral, prices will likely continue following an uptrend pattern.
The process may take a few hours, but if support below $200 continues, we expect Litecoin to rise toward $250 in the next 24 hours or so.
The MACD of the weekly LTC/USD pair is currently providing resistance at zero. Given that this is a weekly graph, it may take some time for prices to rise, but if the historical precedent of weekly charts is considered, we expect a break northward soon.
Litecoin Price Analysis: Conclusion
The price of Litecoin is presently rising because we anticipate the market to recover following a powerful selloff that began at midnight. As a result, LTC/USD will most likely rise further, with the first significant barrier expected to be $250 next tested.
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.
