- Litecoin price analysis is bearish today.
- Resistance for LTC/USD is present at $147.
- Support is present at $148.
The Litecoin price analysis is bearish today. Litecoin has been on a tear in the past 24 hours, gaining more than 20%. Even with such strong gains today, the currency still is down more than 80% from its all-time high of $420 set back in December of last year.
Today’s price analysis for LTC/USD shows that the bearish momentum is strong. Even with the currency’s gains in today’s trading, there is still a bearish resistance present at $147. As seen from the chart above, LTC/USD had been trading as low as $146 before rebounding back up to near current levels. This shows us that the bears are still present in the market.
If the selling pressure continues on LTC/USD, today’s resistance at $147 may be tested again. A break of this level could lead to declines in the price for LTC/USD, with support below being present at $148 and $145. The technical indicators also favor the bears as they all point towards further price declines. The RSI makes its way out of the overbought territory, reflecting an upcoming pullback by the bulls. Litecoin’s Stochastic Oscillator is also on its way down, showing that the selling pressure will be increasing as time elapses.
Bears took control of the market in the final few hours as LTC’s price pressure rose, and the bullish trend came to a halt. Though the pair has been profitable for the past two days, bears have taken over and reversed the price function, as bulls’ momentum was very strong, suggesting that a reversal is also possible if bulls get support once again.
Litecoin price analysis is bearish today. Resistance for LTC/USD is present at $147. Support is present at $148. The Litecoin price analysis is bearish today.
Today’s price analysis for LTC/USD shows that the bearish momentum is strong. Even with the currency’s gains in today’s trading, there is still a bearish resistance present at $147.
LTC/USD 4-hour price analysis: Recent developments
The 4-hour price chart for Litecoin price analysis suggests that the pair is currently below the ascending trend line on its way down to test support at $147 again.
The range is expanding as the 4-hour Bollinger bands expand, with the upper band at $142 and the lower band at $121, the mean average of Bollinger bands is forming at $132, and the moving average (MA) flashing below the price in hourly charts at $136.
After plummeting, the RSI is presently at index 62, suggesting a decrease in selling pressure. As RSI progresses steadily forward, it indicates that bears are losing their momentum, and those bullish elements may return.
Litecoin Price Analysis: Conclusion
On the other hand, bearish momentum is gaining strength according to the hourly Litecoin price analysis and technical signals. However, bulls may reemerge as the RSI curve flattened out over the previous hours. If the support appears on the upswing, we anticipate that the price will begin recovering.
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