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Litecoin price analysis: LTC prices trade in an indecisive manner

ltc

TL;DR Breakdown

  • Litecoin price analysis is bearish
  • LTC/USD price faces resistance at $115.08
  • Strong support for Litecoin at $111.58
Litecoin price analysis: LTC prices trade in an indecisive manner 1
Cryptocurrencies prices heatmap, source: Coin360

Litecoin price analysis is showing an undecisive market as prices are trading in a sideways manner today. The cryptocurrency presently faces resistance at $115.08 and support at $111.58 levels. The LTC/USD pair has been trading in a very tight range for the past two days as the bulls and bears battle for market control. Litecoin prices are currently trading at $113.57 with a slight bearish bias. LTC prices have been very indecisive over the last 24 hours, with prices bouncing between $112.58 and $115.08.

The main reason for the current sideways price action is likely because Litecoin currently faces strong resistance at the $115.08 level. This resistance level has been tested several times over the past few days, and the bears have so far been able to defend it. Litecoin currently occupies the 22nd position overall, with a market dominance of 0.40 percent of the digital assets market.

Litecoin price action on movement in the last 24 hours: Bears win the day

Today’s big story in the Litecoin market is that Litecoin sell-off pressure has been high over the past few days. This has caused a significant drop in prices, triggering a wave of stop-loss orders. However, the sell-off was short-lived as the bulls have quickly stepped in to defend the $110 support level.

The LTC/USD pair is currently trading at $113.57 and is down 0.39 percent on the day. The trading volume has been very low over the last 24 hours as the market remains indecisive while the market volatility is increasing, as evidenced by the bulging Bollinger Bands.

Litecoin price analysis: LTC prices trade in an indecisive manner 2
LTC/USD 1-day price chart, source: TradingView

The RSI indicator is currently in neutral territory and is not giving any clear signals. The MACD indicator is also currently in neutral territory but is close to crossing into bearish territory. The SMA 50 is currently above the SMA200, indicating that the market still has some bullish momentum.

Litecoin price action on the 4-hour price chart: LTC prices alternate between gains and losses

Litecoin price analysis on a 4-hour price chart indicates the current alternating sentiment for the LTC/USD pair as prices alternate between gains and losses. The cryptocurrency is presently trading at $113.57 after a slight bearish correction from the highs of $115.08. However, the bears are, struggling to push prices lower as the bulls defend the $111.58 support level.

Litecoin price analysis: LTC prices trade in an indecisive manner 3
LTC/USD 4-hour price chart, source: TradingView

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 is close to the 50 levels, indicating that the market still has some bullish momentum left. The MACD indicator is currently in bullish territory and is close to crossing into bearish territory.

Litecoin price analysis conclusion

Litecoin price analysis shows that the cryptocurrency is presently indecisive as prices alternate between gains and losses. The LTC/USD pair is presently facing strong resistance at the $115.08 level, and support is present at the $111.58 level. The overall Litecoin price analysis lies on the bearish biased side as the market remains indecisive.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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