- Litecoin price analysis shows some upward movement to move as high as $116.6 after significant period of decline
- Price then fell down to $108.75 at press time after sellers dominated the close of trade
- A move up to $120 resistance point will be required to spur more demand for LTC
Litecoin price analysis continues to show bearish signs, as the token slipped up after gaining upward momentum during the day’s trade. LTC gained more than 2 percent from yesterday to move as high as $116.6 but lost momentum by the close of trade as sellers came into the market. The current trend price sits at $108.75 and represents a fragile market for Litecoin, where sellers are supposedly taking profits at every minor opportunity. To form significant upward momentum, LTC will be required to consolidate up to the $120 resistance point to spur more demand and allow a break towards the next target at $142.57.
The larger cryptocurrency market showed bearish trends once again, as Bitcoin receded more than 2 percent on the day to move below $36,000. Ethereum followed suit, declining 2 percent itself to sit just short of $2,500. Among Altcoins, Terra suffered a 7 percent decline to move as low as $56.7, while Solana and Polkadot also dropped 6 percent each to sit at $87.17 and $17.52, respectively. Ripple and Dogecoin descended 2 percent each, at $0.60 and $0.13, respectively.
LTC/USD 24-hour chart: Uptrend followed by support line up at $105.34
On the 24-hour candlestick chart for Litecoin price analysis, price can be seen losing momentum after gaining ground on the $120 resistance yesterday. Buyers came late into the market to push price as high as $116.6, before facing selling pressure to push LTC price as low as $103.6, below the current support at $105.34. The crucial 25-day exponential moving average (EMA) sits significantly above current price at $114.6 and any upward movement will be characterised by price matching this target. The 24-hour relative strength index (RSI) sits at a lowly 28.88, indicating low market valuation for LTC. Similarly, the moving average convergence divergence (MACD) also shows bearish lows below its neutral zone.
LTC/USD 4-hour chart: Price will aim to consolidate near support
According to the 4-hour chart for Litecoin price analysis, price will attempt to form consolidation above support at $105.34 over the coming trading sessions. However, further bearish action will open doors towards a December 2020 low of $95.25 next psychological support sitting at $80. The 4-hour RSI sits at 36.57, showing increasing market valuation which will help push price upwards.
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