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Litecoin price analysis: LTC to retest $207 as support as price falls to $212

Litecoin price analysis LTC to retest as support as price falls to

TL;DR Breakdown

  • Litecoin price analysis is bearish today.
  • Support for LTC is present at $207.
  • Resistance is found at $227.

The Litecoin price analysis reveals the coin got rejected again at $216, as selling pressure once again pressurized the price function from moving upwards. The recent price trend line has been downwards since 15th November, as the crypto pair went through extreme losses on 15th, 16th, and 18th November. Since then, the coin has been unable to recover properly, as the broader crypto market is also bearish.

The next support for LTC is present at the $207 level, and the coin may retest it today. The $207 support was set by the bulls on 20th October and then again on 3rd November. On the other hand, resistance for LTC is present at $221, followed by the crucial resistance of $227.

LTC/USD 1-day price chart: LTC falls prey to bears

The 1-day Litecoin price analysis shows the bears are again in the lead as LTC could not move above $216, bears have degraded the price down to $212.47 at the time of writing, today the crypto pair traded in the range of $208.8 to $216.8. The LTC still reports an increase in value by 1.6 percent over the last 24 hours, as yesterday’s price function was upwards. However, the LTC/USD pair reports a loss in price value by 7.62 percent over the past week. The trading volume has also increased by 4.6 percent over the last day.

Litecoin price analysis: LTC to retest $207 as support as price falls to $212 1
LTC/USD 1-day price chart. Source: TradingView

The volatility is quite high for LTC as the volatility indicator is covering a vast area on the charts, with the upper limit at the $281 mark and the lower limit at the $182 mark, which also represents support for the coin, the mean average of the indicator has formed at the $231 mark, which also represents resistance zone for LTC/USD. However, the volatility indicator, the Bollinger bands, do not show any major change and has not taken a breakout towards either side.

The price continues to trade below the moving average (MA), which is present below the mean average of the Bollinger bands at the $218 mark, and the relative strength index (RSI) is also trading on a downwards slope in the lower half of the neutral zone at index 47, the RSI score is not very low, but is moving towards the bearish zone, and its curve is indicating more selling activity going on as compared to the buying.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows the price after breaking out continued downside down to the $210.6, but the coin got bullish help, and the price is recently being elevated to the $212.4 level, as bulls are struggling for the lead. The bulls have recovered some value, but the recovery is comparatively smaller than the loss.

Litecoin price analysis: LTC to retest $207 as support as price falls to $212 2
LTC/USD 4-hours price chart. Source: TradingView

The LTC/USD shows mild volatility on the 4-hour chart as the Bollinger bands are covering less area, the lower limit of the Bollinger bands is present at $203, representing support for the coin, and the mean average of the indicator is present at the $215 representing resistance for the coin. The price has just moved above the moving average on the 4-hour chart marking a bullish crossover. And the RSI has also taken an upwards turn, hinting at the buying activity that recently started with the bullish arrival.

Litecoin price analysis conclusion

The Litecoin price analysis suggests the coin is overall bearish today, and the price may continue downside for the entire day, but everything depends on the movement of the Bitcoin. As we know, Bitcoin is also bearish up till now so are most of the altcoins. If LTC continues downside, then it will be testing the $207 support level. If the support falters then, LTC will try to hold on to the $203 support handle.

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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