Litecoin price analysis: LTC rejected at $154. Will bulls hold on to $148?

Litecoin price analysis LTC rejected at Will bulls hold on to

TL;DR Breakdown

  • Litecoin price analysis is bearish today.
  • Resistance for LTC is present at $153.8.
  • Support is present at $148.

The Litecoin price analysis is bearish today. The price breakout was upwards at the start, but despite getting an upwards break, the coin was rejected at $154. As the LTC is on a downswing from 15th November today, the trend seems to be the same, as bears have caused more damage than the bullish recovery observed at the start of the trading session.

Overall the broader cryptocurrency market has shown mixed market sentiment over the last 24 hours, with most coins reporting losses of different scales, including the Bitcoin, despite recovering at the moment but still reports a loss of 2.6 percent. Ethereum is a step ahead in the downturn as it also reports a loss of 5.8 percent, with many altcoins also trading in negative profit-wise.

LTC/USD 1-day price chart: LTC to retest $148 support

The 1-day price chart for Litecoin price analysis shows the coin has traded in a range of $129.4 to $155.5 today and is currently trading hands at $149.3 at the time of writing, reporting a loss in value accumulating to 4.1 percent over the last 24 hours, and a much bigger loss of 25.26 percent over the past week. The trading volume is down by 19.6 percent today, and the market cap has suffered by 3.89 percent resulting in market dominance of 0.47 percent.

Litecoin price analysis: LTC rejected at $154. Will bulls hold on to $148? 1
LTC/USD 1-day price chart. Source: Trading view

The moving average is present at the $166 mark above the price level but below the Bollinger bands average line. The volatility is high as the Bollinger bands are expanded, and both sides are moving downwards equally due to the constant downtrend. The upper limit is standing at $239, and the lower limit is standing at $140, representing support for LTC’s falling price while maintaining its average at the $189 mark. The relative strength index (RSI) is also trading quite lower than its average value. The indicator is present near the border of the oversold zone at index 31, maintaining a straight trading line which hints at a lack of momentum.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows the price breakup was upwards, and the bulls took the price up to $154, but the bears did not allow further upside and sat on the driving seat. Bears have brought the price down to the level of turning the daily candlestick red. As the price is currently present at a two months lowest level, there are imminent chances for LTC to close in at a lower low today if the bearish swing continues.

Litecoin price analysis: LTC rejected at $154. Will bulls hold on to $148? 2
LTC/USD 4-hours price chart. Source: Trading view

The volatility is mild on the 4-hour chart with the upper Bollinger band present at the $169 mark and the lower band present at the $150 mark just above the price level, suggesting a resistance level for the price to encounter if bulls manage to elevate the price again in the coming hours. The moving average is trading at the $150 .7 mark, complementing the bearish trend. The RSI shows a downwards slope indicating the high selling activity in the market for LTC, which is pressuring the already low price at the moment.

Litecoin price analysis conclusion

The Litecoin price analysis suggests the coin is trading in the lower price envelope. Most of the technical indications are in favor of bears, and the volatility indicator is also hinting at the downtrend to continue for the coming days, and the RSI scores are also quite low. Most signals are bearish, but they hint at the overall trend. For intraday, there still exist chances of LTC recovering back above the $150 level as the presence of bullish elements was observed earlier today.

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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