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Litecoin price analysis: LTC prices remain bearish as strong rejection at $110 takes shape

Litecoin price analysis
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TL;DR Breakdown

  • Litecoin price analysis is bearish.
  • LTC prices are currently facing resistance at $110
  • LTC prices are currently trading at $109.60

image Cryptocurrencies prices heatmap, source: Coin360

Litecoin price analysis indicates LTC price is currently under pressure as the bears remain in control. LTC prices are down 1.12 percent on the day and trading just below $110. Litecoin prices have been on a downtrend since last week and this week’s action has seen prices retrace lower. The LTC market lost ground after a strong rejection at $110. LTC prices are trading in high trading volume which is now over $778 million as the prices alternate between $106.39 and $110.97. Litecoin is currently ranked in position 21 overall while dominating 0.41 percent of the entire digital assets market.

The daily confluence detector shows us that Litecoin’s price is currently trading at $109.60. This is where we find the confluence of the Fibonacci 38.2% retracement level, the SMA 5-15, and the SMA 10. There is also some minor support around $109, provided by the Fibonacci 23.6% retracement level. However, the main support area is around $108, which is the confluence of the Fibonacci 61.8% retracement level and the SMA 100. On the upside, Litecoin’s price is facing resistance at $110. This is where we have the confluence of the Fibonacci 23.6% retracement level, the Bollinger Band upper boundary, and the SMA 5-15.

Litecoin price analysis on the 1-day price chart: Bulls try to take control

Litecoin price analysis on a daily chart shows that the market has been on a downtrend since February 14 as prices fell from around $134 to a low of $106.39. Prices have been consolidating in a descending triangle pattern and currently, the bulls are trying to take control as Litecoin’s price tests the $110 resistance area. A break above this resistance area could see prices move higher towards $115. On the downside, a break below the $108 support area could see prices move lower towards $104.

image

LTC/USD 1-day price chart, source: TradingView

The RSI indicator is currently at 51.23 and is pointing downwards which indicates that the bears are currently in control of the market momentum. The MACD indicator is also currently in bearish territory as the MACD line (blue) is above the signal line (red). The Litecoin prices are trading in low market volatility as the Bollinger bands are currently contracting.

Litecoin price analysis on the 4-hour price chart: Prices retrace lower after a strong rejection at $110

Litecoin’s 4-hour price chart reveals a declining market as prices have been on a downtrend since February 13. Prices retraced higher last week but the bulls couldn’t sustain the momentum and prices fell back below $115. The LTC market lost ground after a strong rejection at $110 and is currently trading in a descending channel pattern. A break above the upper trendline of the channel could see prices move higher towards $115 while a break below the lower trendline of the channel could see prices move lower towards $105.

image

LTC/USD 4-hour price chart, source: TradingView

The RSI indicator is currently at 48.85 and is pointing downwards which indicates that the bears are currently in control of the market momentum. The red signal line of the MACD indicator is currently above the blue MACD line which indicates that the bears are currently in control of the market. The Litecoin prices are trading in low market volatility as the Bollinger bands are currently contracting.

Litecoin price analysis conclusion

The Litecoin price analysis is bearish as LTC prices retrace lower after a strong rejection at $110. Prices are currently facing resistance at $110 while the main support area is around $108. A break below this support area could see prices move lower towards $104 while a break above the $110 resistance area could see prices move higher towards $115.Conversely, if bulls manage to push prices above $110, Litecoin could move towards $115. However, bears are still adamant in their attempts to control the market as Litecoin’s price currently remains at a critical juncture.

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.
William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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