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Litecoin price analysis: LTC to retest $196 resistance as bulls gain control

Litecoin price analysis LTC to retest resistance as bulls gain control

TL;DR Breakdown

  • Litecoin price analysis shows a bullish pattern.
  • Strong support is present at $191.
  • Strong resistance is found at $196.

The Litecoin price analysis reveals bulls are trying to take the price higher. LTC was slowly recovering from yesterday’s loss when the price stooped down from $196.3 to $190.2. As the litecoin is in bullish mode from 29th September, LTC/USD is still in the green zone.

If we look at the price function of the past 24 hours, then LTC has gained a value of 2.95 percent during this time and is on a gain of 6.99 percent if we consider the entire last week. Today LTC/USD pair is trading between the $190-$195.7 range. During the last week, the LTC/USD price movement was mostly bullish, as the price curve is upwards for the mentioned period of time, but the coin is still floating below the psychological mark of $200.

LTC/USD 1-day price chart: will Litcoin break above $200?

The 1-day Litecoin price analysis shows bulls have taken the lead once again and are trying to take the price higher. Overall, LTC/USD has gained a value of around four percent over the last 24 hours, and the price has improved by 6.9 percent over the course of the last seven days.

Litecoin price analysis: LTC to retest $196 resistance as bulls gain control 1
LTC/USD 1-day price chart. Source: TradingView

The volatility is comparatively high for the LTC/USD pair as the Bollinger bands are still expanded, the upper Bollinger band is at the level of $202, and the lower band is at $168. The average of Bollinger bands is forming at $185 below the price level. The moving average (MA) is at $192 below the price level, giving some edge to the bulls.
The relative strength index (RSI) is in the upper half of the neutral zone and still moving up at a score of 57.

Litecoin price analysis: market pressure hindering bullish momentum

The 4-hours Litecoin price analysis indicates difficult times for the bulls as they are taking the price higher, but selling pressure is forming for LTC assets. Bears are hindering the bullish momentum, and recovery is not that easy for the bulls.

Litecoin price analysis: LTC to retest $196 resistance as bulls gain control 2
LTC/USD 4-hours price chart. Source: TradingView

The moving average has traveled to $192.9, just below the price level, indicating a bullish crossover due to the recent bullish activity. The volatility is decreasing, which might limit the price fluctuation in the coming hours.

The Bollinger bands are converging, with the upper band present at the $199 mark and the lower band present at the $188 mark. The average of Bollinger bands is at $193.9 above the price level, indicating bearish potential. The relative strength index (RSI) has flattened up exactly above the centerline of the neutral zone; if RSI dipped again, the bears would again get the lead, and if it moved up, a further recovery could be expected.

The technical indicators for Litecoin price analysis are on the bullish side due to the bullish trend for the past month. Out of a total of 26 technical indicators, one is showing a sell signal, and 15 are showing a buy signal, and 10 technical indicators are in a neutral position.

The moving averages are also bullish, with 14 indications towards a buy signal and none for a sell signal, and one moving average is neutral. The oscillators are mostly neutral, with a score of nine oscillators standing neutral and one oscillator of MACD showing buy signal and the other oscillator of momentum showing a sell signal.

Litecoin price analysis: Conclusion

The 1-day and 4-hours Litecoin price analysis concludes that bulls are making efforts to take the price above the psychological mark of $200, but overall circumstances are not that favorable for them.
Though there are difficulties, the one most important factor is the movement of the RSI indicator, which will describe the future along with the movement of the MA curve below the price level, which indicates chances for a breakout are there.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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