Litecoin price analysis: Support floor at $143 still persists for LTC. What’s next?

Litecoin price analysis Support floor at still persists for LTC What s next

TL;DR Breakdown

  • Litecoin price analysis is bullish.
  • Strong support for LTC/USD is present at $143.
  • Resistance for LTC is found at $153.

The Litecoin price analysis is bullish today as the coin showed rejection for downside below $143 again, which means LTC has likely found its support floor. As a consequence, a bulls rally has been observed today as the price has improved to the $145 range.

LTC/USD has been trading in a narrow range from 6th December onwards after finding support at $143. If the bulls run continues for today, we still expect LTC/USD to remain in the $140-$149 range as strong resistance above this level is also active.

LTC/USD 1-day price chart: bullish successfully defending the $143 support

The 1-day Litecoin price analysis shows the price has not fallen much after 6th December, and LTC seems range-bound for now as the support of $143 is still holding up well. Currently, the LTC/USD pair is trading hands at $145.23 at the time of writing. The LTC/USD has been at a loss of 2.7 percent over the last 24 hours as the price recovery is less up till now. And if observed over the past week, the LTC/USD reports another loss in the value of more than three percent. In contrast, the trading volume has increased by 0.79 percent, but the market cap has decreased by 3.25 percent, resulting in the market dominance of 0.47 percent.

Litecoin price analysis: Support floor at $143 still persists for LTC. What's next? 1
LTC/USD 1-day price chart. Source: Trading view

The volatility is high for LTC/USD pair, with the upper Bollinger band at $210 and the lower band at $121, making an average at the $166 mark. The moving average (MA) is found at the $150 mark above the price level.

The relative strength index (RSI) is trading at index 35 near the oversold region. But the upwards slope of RSI indicates the buying activity that started today in the market. However, RSI is still neutral.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows bulls are making a good recovery as a green candlestick has appeared on the price chart following a progression of red candlesticks. The price function remained on the decline for 20 hours continuously yesterday, but now it’s moving in an upwards direction, and still, no bearish hindrance has been observed.

Litecoin price analysis: Support floor at $143 still persists for LTC. What's next? 2
LTC/USD 4-hours price chart. Source: Trading view

The volatility is low on the 4-hourly chart as the Bollinger band continues to trade as a narrow channel. The upper band is at $156, and the lower band is present at the $142 mark representing support. The average of the Bollinger bands represents resistance for LTC/USD at the $147 mark. The RSI is in the neutral region at index 41, taking an upwards turn.

Litecoin price analysis: Conclusion

The Litecoin price analysis shows the price movement is on the positive side, and the price is recovering today. And it seems like the recovery will continue for the coming hours, and traders can expect a further rise in price for the coming hours. As the support continues to hold up, the LTC might break near $149.

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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