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 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.
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.
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.
This post was last modified on March 12, 2021 8:21 am
An interoperability deficiency across health record management has always caused unnecessary expenses and time inefficiency… Read More
TL;DR Breakdown Ethereum price analysis reveals that Ethereum is going extremely bullish.Current support is found… Read More
TL;DR Breakdown Terra price analysis is bullish for today.LUNA/USD continues to consolidate around $36.Closest support… Read More
TL;DR Breakdown DOT/USD is trading bullishly on the 24-hour Polkadot price analysisDOT/USD recorded strong upsides… Read More