Litecoin price analysis: LTC bulls trying to recover price above $129 after substantial damage

Litecoin price analysis LTC bulls trying to recover price above after substantial damage

TL;DR Breakdown

  • Litecoin price analysis is bullish.
  • Support for LTC/USD is present at $124.
  • Resistance is present at $136.

The Litecoin price analysis is bullish as it shows some improvement in the price levels after going through substantial loss. The chances are available for the bulls to hit the market and take the price level even above $130. The past few days have been critical for coin value as the bearish momentum has been huge and overpowering, and a continuous decline in LTC price was recorded as the price stepped below the psychological mark of $130. Yet, today the tides have turned, and the bulls are slowly rising back as the price has recovered up to $129.

LTC/USD 1-day price chart: LTC recovers to $129

The 1-day price chart for Litecoin price analysis is showing a promising sign for the bulls as the price is progressing today. The bulls have been successful enough to win back their lead after going through immense loss previously. The price is currently set at $129, and as the momentum will intensify, it is much likely to go even higher. The moving average (MA) indicator is above the price level, i.e., at $134, as the bearish momentum has been considerable for the past few days.

Litecoin price analysis: LTC bulls trying to recover price above $129 after substantial damage 1
LTC/USD 1-day price chart. Source: TradingView

The volatility is also increasing as the Bollinger bands are diverging, with the upper Bollinger band reaching $167 and the lower band reaching $122. The lower band represents support for the LTC price function. The Relative Strength Index (RSI) score, on the other hand, is also encouraging as it has slightly improved today to index 32; however, the score is still quite low.

Litecoin price analysis: Recent developments and further technical indications

The 4-hours LTC/USD chart shows bulls are currently at the lead after a retracement in price in the past hours. The bullish momentum has taken the price levels to $129, which is not too high but still a great effort from the bulls as the market has been majorly bearish for the past month. The moving average is trading at $127, which is below today’s price level, which is also a bullish indication.

Litecoin price analysis: LTC bulls trying to recover price above $129 after substantial damage 2
LTC/USD 4-hours price chart. Source: TradingView

The Bollinger bands are indicating mild volatility as the indicator is displaying the following figures; the upper Bollinger band is present at $133 while the lower band is present at $124, representing the resistance and support for LTC, respectively. The overall trend line is going in favor of the bears, but the short-term trend line is forming upwards, yet there is a strong chance of a drop in price in the upcoming weeks. The RSI indicator is trading at index 45, which is a very neutral and average number, and the price can go to any extreme from here, as the indicator is showing equal room for both bulls and bears to exercise their practices.

Litecoin price analysis conclusion

From the above 1-day and 4-hours Litecoin price analysis, we can see that the bulls are putting in their efforts to fight back the bearish momentum. The price levels have reached $129 again, which is a great achievement for the bulls. The resistance level at $136 can only be crossed if the bulls continue to get support.

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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