- Litecoin price analysis is bearish
- LTC/USD price faces resistance at $115.08
- Strong support for Litecoin at $111.58
The 4-hour Litecoin price analysis chart shows that the bulls and bears are currently engaged in a tug of war. The Relative Strength Index is below the 50 level, indicating that the market is evenly balanced between buyers and sellers. A break above the resistance at $115.08 could see Litecoin’s price target the next level of resistance at $117.90.
The major reason for the present sideways price movement is that Litecoin faces stiff resistance at $115.08. This resistance level has been challenged several times in recent days, and the bears have succeeded in defending it. Litecoin is currently ranked 22nd overall with a market share of 0.4 percent among digital assets.
Litecoin price action on movement in the last 24 hours: Bears win the day
In the last 24 hours, Litecoin’s price has remained relatively stable. The digital asset is currently trading hands at $114.92 after opening at $114.37. On the hourly chart for LTC/USD, the pair’s price action is consolidating between two converging trendlines. A breakdown below this range could see Litecoin’s price target the support at $111.58.
On the downside, a break below the support at $111.58 could see Litecoin’s price spiral down to test the next level of support at $109.50.
LTC/USD 1-day price chart, source: TradingView
We can see that Litecoin has formed a bearish pennant pattern on the daily chart. This is a bearish continuation pattern that typically happens after a sharp sell-off. A break below the pennant’s support could see Litecoin price target the next level of support at $108.00.
The LTC/USD pair is now trading at $113.57, down 0.39 percent on the day. The market’s lack of direction and volatility have led to low trading volumes over the last 24 hours, as evidenced by the expanding Bollinger Bands.
Litecoin price action on the 4-hour price chart: LTC prices alternate between gains and losses
On the 4-hour chart, the Litecoin price is seen consolidating below the $115.08 resistance level. The LTC/USD pair is trading within a descending channel and is currently testing the lower boundary of the channel. A break below this support level could see Litecoin heading towards the $110 mark.
The Bollinger Bands are currently very wide which indicates that market volatility is very high at the moment. The RSI indicator is presently in bearish territory but close to the 50 levels, indicating that the market still has some bullish momentum. The MACD indicator is currently in bullish territory and is close to crossing into bearish territory.
Litecoin price analysis conclusion
The LTC/USD pair is presently trading in a range, with prices fluctuating between gains and losses. The LTC/USD pair is currently facing significant resistance at $115.08, with support located at $111.58. The market remains undecided, thus the Litecoin price analysis is bearish biased.
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