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Litecoin Price Prediction: Litecoin’s price stuck at selling pressure near $180 support

Litecoin s price

TL;DR Breakdown

  • 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 price stuck at selling pressure Near $180 Support

(Source: Tradeview)

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

Litecoin Price Prediction: Litecoin’s price stuck at selling pressure near $180 support 1

(Source: Tradeview)

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. 

Conclusion

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. 

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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