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Litecoin price analysis: Bulls struggle to preserve $190 amid zig-zag price action

Cryptopolitan


TL;DR Breakdown

  • The bears are trying to survive after a strong bullish momentum.
  • Litecoin price analysis show bears have caused minimal reduction in price levels up to $190.32.
  • Bullish momentum likely to return at front if support remains $175.54.

The Litecoin price analysis is showing a small shift in the market today, as resistance from the bearish side has been detected. The past few hours have seen a monumental rise in the price level, yet the recent activity has been bearish.

The price has lowered to $190 and is likely to retrace as the trending line is in the favor of bulls. The resistance present at $192 can be crossed only if the bulls succeed in winning back their lead.

LTC/USD 1-day price chart: Bullish momentum to continue

The 1-day chart showing cryptocurrency progress is going smoothly in the direction of bulls. The buyers are approaching the market on a majority basis, and have succeeded in increasing the price to $190.26. This is considerably higher than the Moving Average (MA), which is currently standing at the $179.22 value. The volatility is slightly increasing, which is a negative indication for the future as per Litecoin price analysis.

LTC/USD 1-day price chart. Source: TradingView

The Bollinger bands are significant in indicating the current trends, and they are displaying the following values; the upper band is present at $198.4 while the lower band is present at $140.30, respectively. The Relative Strength Index (RSI) score is also growing and has currently reached the figure of 67.89, a very good sign for the bulls.

Litecoin price analysis: Bears struggling to survive after a reversal

The 4-hours price chart is going bearish, with very minimal resistance from the side of bulls. The price has decreased to $190.32, after a successful journey of the bulls during the past few hours. The moving average is $187.05 as the day has seen a remarkable performance from the bulls. According to Litecoin price analysis, there has been more active participation from the buyers, as the Bollinger band average is also going strong i.e. $184.

Litecoin price analysis: Bulls struggle to preserve $190 amid zig-zag price action 2
LTC/USD 4-hours price chart. Source: TradingView

The bearish momentum can be barely detected, and volatility is decreasing as well which means that the current trend will reduce in momentum. The RSI score is still at a high level and is 62.08, where as the Bollinger bands are showing the following values; the upper band is at $192 whereas the lower band is at $175.54.

Litecoin price analysis: Bulls struggle to preserve $190 amid zig-zag price action 3
LTC/USD technical indicators chart. Source: TradingView

The majority at the lead have been bulls for the day, as the technical indicators chart is further confirming. The summary shows that the trend has been towards the bullish side, with a total of 15 indicators present at the buying position, two at the selling position where as nine are standing neutral.

The Moving Averages are also strongly supportive for the bulls, and a total number of 13 indicators are found at the buying spot, and one indicator each is present on both the selling and neutral positions. The Oscillators are neutral for the day, with a total of eight oscillators showing neutral signs, with two showing buying and one oscillator showing selling signs.

Litecoin price analysis conclusion

The above Litecoin price analysis is proving a promising rise in the price in the future. More buyers are expected to turn towards the market, as the bullish momentum is gradually building up and might take the price above $190.32.

The past week has observed a greater number of green candlesticks as compared to the red ones which fairly approves the prediction. The resistance level at $198 can be surpassed easily given that the support does not go lower than the value of $140.39.

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.



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