- Litecoin’s price was able to break the pivot level resistance at $185.3819 during the weekend.
- Litecoin’s indicators are all bearish on the daily 24-hour chart and require amounts of buying pressure from the bulls.
- The current price of $181 is a danger zone for Litecoin as it could attract more selling pressure.
Litecoin price prediction: General price overview
Litecoin was able to break the pivot level resistance at $185.3819 during the weekend. The coin went ahead to aim for the $190 support zone after rallying by 4.30%. However, the uptrend was short-lived after the price got rejected near the $189 resistance of the 38.2% Fibonacci extension level.
The coin was already trading at $182.33 against the US dollar during the early trading hours. LTC attained an intraday high of $194.91, followed by a gradual downswing towards a daily low of $180. The cryptocurrency now faces the task of overcoming the 14-3 Day stochastic indicator at 30%, which could have LTC retest the first significant support at $177.
Most of Litecoin’s indicators are all bearish on the daily 24-hour chart and require amounts of buying pressure from the bulls; to sustain the price above the 100 Simple Moving Average.
Presently, LTC/USD is trading at $183.96 and opens the daily chart at $188. The net percentage gain is a negative of 2.32%, while the daily low lies at $179.95.
Litecoin’s price movement over the past 24-Hours
Litecoin’s 24-hour chart shows a massive descending triangle that saw the coin’s price bottom at $180. While there is a slight uptrend (on the 4-hour chart), the bulls need to gain more support from the market; so that the coin can sustain the $184 resistance. Additionally, the bulls need to remain intact above $182 and $183 or open the door for further price declines.
To continue the mid-morning uptrend, Litecoin needs to break above $185 and hit its pivot level at $188. If this happens, the bulls can have their hopes of hitting above their target resistance of $195 in the next 48 hours. The good thing is the lower tip of the descending triangle represents a buy signal, which could trigger the price to further gains.
However, there appears to be stiff resistance at the 20-day exponential average ($186). The bears are causing multiple price hurdles and could result in a price sink below the $180 support zone. In case the bears manage to sustain their pullback below $186 and $185, further declines are imminent.
Litecoin price 4-hour chart
The 4-Hour chart faced an uptrend with LTC trade at $184 against the US dollar. Two rejections, however, met the coin’s attempt to break above this price point. Which, at the time of writing, is causing a gradual breakdown below $181.
Litecoin’s price was headed towards a full recovery before the start of the week, but it seems the bulls failed to garner strong support from the market. As a result, the market has been hit by a reversal signal that has created a head and shoulder pattern for the coin. However, the bulls have attempted to break the neckline on the 24-hour trading chart; hopefully, the bears will pave for a clear uptrend during the week.
Litecoin price prediction
Going further below the current price zone of $181 is a danger zone for Litecoin as it could attract more selling pressure. This could drive the price towards the $177 support and have it drop even lower. Hopefully, LTC will overcome the prevailing price hurdlers and swing towards $190. While the current $180 support is vital and intact, the bulls have to remain aware and pump more buying pressure to sustain the price.
Litecoin started the day/week strong after a consistent surge on Sunday. The coin faced a reversal this morning and struggled to break above around the $184 resistance level. If the coin manages to break out of this price hurdle, the bulls can expect more gains.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.