Litecoin price analysis reveals that the Litcoin (LTC) price is likely to remain in the bullish trends owing to the price trend.
After a week of strong bulls, the price of Litecoin has finally settled down after breaking through key resistance at ninety dollars ($90). This week Litecoin’s price fell a bit before the buyers started pushing again to stabilize it once again.
This move is clearly visible across the four-hour charts where after a sharp plunge the price starts consolidating. Subsequently, a similarly large candle forms that bring the price up to the level where it is currently hovering, i.e., at ninety-three dollars ($93.94).
We can also see that although buyers made two attempts at breaking through the one hundred dollars ($100) mark but failed each time.
Currently, the buyers are trying to push the price above key resistance at a hundred dollars ($100) to take the price towards the support around one hundred and twelve dollars ($112).
Across the daily charts, buyers seem much more in control, although the consolidation lasted for only two days. This seems like a pit stop before the buyers push for one hundred and twelve dollars ($112) zone.
It also shows a weekly candle showing that buyers certainly do not want the price to fall below and are continuously trying to breakthrough.
These factors may also mean that the price of the cryptocurrency may fall below ninety dollars ($90) before it surges higher again. Marginal buyer positions are below the point which the price is traded on from January 2018.
Although, buyers are determined to gain what they want, the sellers, on the other hand, seemed uncertain at what their objective was and no united push was observed from their side.
However, what’s interesting is the fact that when Litecoin’s price rose above the ninety-dollar ($90), mark, sellers increased their marginal positions.
What route Litecoin’s price is bound to take remains to be known, and it will be clear on Monday the first day of next week.