Litecoin price analysis: Bullish LTC rises to $183 after a strong bearish collision

Litecoin price analysis Bullish LTC rises to after a strong bearish collision

TL;DR Breakdown

  • Litecoin shows recovery after taking a dip.
  • Litecoin price analysis is bullish today.
  • Support is still stable at $181.
  • Resistance is found at $186.

The Litecoin price analysis shows the price is recovering well today. Bulls have gained the lead back today and are taking the price up again towards the lost glory. Bulls have recovered the price from $178.7 up to $183 today, covering a good upwards range.

The broader crypto market is recovering today from the strong sell-off of yesterday when Bitcoin crashed below the $60k range, and most top coins followed suit. Litecoin was also among the affectees and dropped from $198 to $178. Many different support levels set by the bulls previously crashed during the flash crash, but today bulls have found their way towards recovery, and Litecoin is recovering fast from the loss.

LTC/USD 1-day price chart: Price recover as bulls regain control

The LTC/USD price has increased today as per 24 hours chart for Litecoin price analysis, as the coin is trading hands at $183 at the time of writing. However, yesterday’s dip caused a significant loss in the cryptocurrency’s value as, despite the recovery, LTC still reports a loss of six percent over the last 24 hours and around 10 percent loss over the past week. The bearish collision also caused a decrease in market cap by 10.5 percent. However, the trading volume surged by 29.8 percent.

Litecoin price analysis: Bullish LTC rises to $183 after a strong bearish collision 1
LTC/USD 1-day price chart. Source: TradingView

The volatility is mild for Litecoin as the upper Bollinger band is present at $204, and the lower band is present at $169, making an average at $186 which represents resistance for LTC/USD pair. The moving average (MA) is trading above the price level at the $193 mark.

The relative strength index (RSI) has come down into the lower half of the neutral zone and is trading at index 49 on an upwards curve. The RSI, though neutral, suggests overwhelming buying activity in the market, which has helped in improving the coin’s value.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows the bullish momentum is unbeatable, as green candlesticks are reappearing on the chart. The overall bullish momentum is not yet over.

Litecoin price analysis: Bullish LTC rises to $183 after a strong bearish collision 2
LTC/USD 4-hours price chart. Source: TradingView

The volatility indicators on the 4-hour chart show a considerable increase in volatility as the Bollinger bands show steep divergence, with the lower limit of the indicator at $179 is representing support for the LTC/USD pair. The RSI also shows improvement during the recent hours, as it has come up to index 40, and a further increase is also expected if buying continues at the current rate.

The technical indicators for Litecoin price analysis have turned almost neutral from moving averages to oscillators, as nine technical indicators show buy signs and eight technical indicators show sell signs, and the remaining nine indicators stand neutral out of a total of 26 technical indicators. The neutrality is owing to yesterday’s crash following a strong bullish trend. The mix of both has made most indicators neutral, but the momentum indicator is towards the bullish side, which is one of the indicators that react early to any ongoing situation.

Litecoin price analysis conclusion

The Litecoin price analysis shows, the coin was bullish before the recent sell-off, and bulls are dominating the price function again, as the price is going upwards at a fast pace. Although the recent crash caused considerable damage for the crypto pair, traders can expect Litecoin to make a fast recovery as the coin is in strong bullish mode. Intraday traders can expect the coin to reach $188 soon.

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.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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