- Litecoin price analysis is bearish today.
- Resistance for LTC is present at $167.
- Support is present at $153.
The Litecoin price analysis is bearish for today as the coin faced rejection above $165 and was denied further upside. As a result, the coin has reverted back to $161. LTC entered consolidation after a heavy sell-off on 4th December but is expected to move lower today.
Overall LTC/USD pair has been on a bearish slide for the past few weeks and is facing continuous rejection and pressure as the price is sinking after every four or five trading sessions, with today looking like another beginning of a downward plunge.
LTC/USD 1-day price chart: Bulls resting on $160 support. Will it hold?
The 1-day price chart for Litecoin price analysis shows the current price is rested on the $160 support level, which is the support level established on 6th December and earlier on 22nd September as well. But looking at the previous trend, the supports may falter soon, as LTC has lost around 20.53 percent over the past week alone. The next inline will be another support at $153 for bulls to hang on.
The volatility remains high for LTC as the Bollinger bands are still covering more area. The price is trading near the lower band, which at $147 represents a support zone for LTC, and the mean average of the indicator at $194 represents resistance for LTC.
The relative strength index (RSI) is trading close to the border of the oversold region, indicating high market pressure. Though RSI is still in the neutral zone at index 34, it may give a sell call if it crosses below into the oversold zone.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Litecoin price analysis shows a consolidation pattern for the price, as it has been maintaining its level since 7th December; as a result, the volatility has also reduced. But looking at the previous trend, this pattern is repeating itself, followed by downside every time.
As the RSI here is also showing a downward curve, it is giving a hint of further downside to be following in the coming hours as the market pressure seems to be increasing over time. The Bollinger bands have formed a narrow channel for the price function to trade in with the upper band at $170, representing resistance for LTC, and the lower band is present at $148. Here the average line of the indicator at $161 represents immediate support for LTC. The moving average (MA) is also trading above the price level at the $162.99 mark.
Litecoin price analysis conclusion
The Litecoin price analysis suggests the coin has still note broken out of the consolidation phase despite the downtrend for today, but if the market pressure continues, it may soon take a downwards breakout to another lower level, in which case the price will fall into the $150 range even $140 range is also possible.
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