Litecoin Price Analysis: LTC/USD bearish trend set to continue this week

Vechain Price Analysis

TL;DR Breakdown

  • Litecoin price analysis is bullish today.
  • LTC/USD is currently trading at $149.9.
  • Resistance for LTC is found at $155.

LTC price analysis reveals that the coin is stable in a bullish position, and the fact that it has reached $153 demonstrates this. LTC is attempting to break through $153 as it rises toward the $156 range but retreats to $153 due to selling pressure, and LTC will have to retrace before further growth towards $155 resistance. As mentioned by the Stochastic RSI, I expect a reversal at $153, which suggests that the coin will go both ways and may likely retrace before attempting to break through $155 again.

I have been looking to buy between $140 – $150 because it has proven profitable in the past to do so, and this is showing good signs for another growth towards the next resistance at around $170 today. The current trend of LTC prices is bullish. Firstly, Litecoin has been trading above its 20 day SMA since yesterday from 12:00 UTC until now. However, despite having breached below it multiple times during the day, the coin has not fallen below it. LTC/USD continues to trade above $150, a mark of bullish pressure. This can be seen in the hourly chart for LTC/USD.

LTC/USD 1-day price chart: bulls have maintained the price level near $150

The second Litecoin strength is that it has broken past its 100 hour SMA and 50 hour SMA on multiple occasions today. It attempted to break through $153 but fell back down again after selling pressure was exerted by traders who had bought it at $152 – buyers gave up their positions right after this, possibly because they thought they were too high already, lowering the price further to $153 where it found support before continuing to test resistance at $156 with successful penetrations into that range several times over.

I expect an attempt to breach $153 again before the Litecoin price goes down, but I also expect it to be successful this time. So far, at writing this, LTC/USD is trading at $153. The Stochastic RSI has just entered into the overbought region, which means that there is a high chance that LTC will fall back down, possibly lower than $150, if the selling pressure gets strong. As for where I’m looking to buy in, I’ve decided to go long on Litecoin between $140 – $150 because it seems like it could get even higher than $170 depending on market sentiment and other factors, so I am suggesting buying here with possible targets of 200% risk-reward in mind.

If the Stochastic RSI is seen to re-enter the oversold region soon, that will be a strong sign that bullish pressure has just died down, which means that LTC/USD may likely fall under $150. By looking at the chart, it seems like buying now would be a good thing because I expect an attempt to break through $153 before Litecoin goes both ways once more.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour chart for Lite’s price development shows that the current bullish trend will continue. The coin pulled back somewhat in the second half of the previous trading session, but it began to recover and gain momentum at the conclusion. However, there was some selling pressure in the final four hours as the price is now correcting. On the 4-hour chart, below the price level, is a MA value of $149.

Litecoin Price Analysis: LTC/USD bearish trend set to continue this week 1
LTC/USD 4-hours price chart. Source: Trading view

The price volatility is modest, as the Bollinger bands hold their extreme ends in a tight range. The upper band is visible at $156 and the lower band at $143, which shows where the LTC/USD pair’s support level lies. The RSI curve has dropped to index 57 due to selling activity over the previous four hours.

Litecoin Price Analysis: Conclusion

The Litecoin price analysis is bearish today, with the price trading in green and approaching the $150 psychological barrier. Still, selling pressure has been observed in the last four hours, which was expected since it is a resistance level for the coin as well. After correcting for a few more hours today, we expect LTC to break above $153.

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.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Related News

Hot Stories

Dogecoin price analysis: DOGE/USD depreciates to $0.1029 after a bearish
BudBlockz Set To Attain Market Excellence Like Binance Coin And Litecoin
Litecoin price analysis: LTC decreases value to $77.29 after a strong bearish movement
Filecoin price analysis: FIL consolidates at $4.38 as it corrects slowly
Dealbook interview: New York Times continues to defend SBF & FTX collapse

Follow Us

Industry News

Dealbook interview: New York Times continues to defend SBF & FTX collapse
Terra’s Do Kwon former colleagues targeted by the  latest arrest warrant
Sam Bankman-Fried first ever interview after FTX collapse
PoW crypto mining banned by NY governor: Will mining become extinct? 
World's first national token launching on Tron chain

Add Your Heading Text Here