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Litecoin Price Analysis: LTC shows strong resolve to stay above $170

Cryptopolitan


TL;DR Breakdown

  • Litecoin showed signs of short-term support forming at $165
  • LTC/USD pair showed greens after falling as low as $162 over the last 24 hours
  • $200 mark seems a realistic target for year end

Litecoin price analysis suggests that the cryptocurrency is set to find short-term support above the $165 mark. After falling yesterday near $160, bulls have spanned the LTC market over the last 24 hours. The highs of the past week that propelled LTC up into the late $170s broke yesterday as sellers moved as low as $162.66.

However, support kicked in around that mark and the 6th largest cryptocurrency in the world quickly raced back above the new expected support level of $165. At the time of writing, the LTC/USD pair stands just below $170 at $169.83 and looks to build momentum from here for the short-term.

After a few days, the major cryptocurrencies faced slight corrections over the past 24 hours. Bitcoin (BTC) dropped from 0.3 percent from the psychological figure of $46,000 to stand at $45,728. Similarly, Ethereum (ETH) dropped 1.7% down to just above the coveted $3000 mark.

Altcoins faced similar corrections, apart from Cardano (ADA), that went up 4 percent to stand at $2.24. The biggest dent was seen in Solana (SOL) after its pullback from an earlier ascent into the top ten cryptocurrencies by market cap.

Litecoin price analysis: Positive re-enforcement entering the market over the past 24-hours

The 24-hour market behaviour for LTC suggests that bulls are trying to re-enforce the price around the $170 mark. After a downturn yesterday as price touched as low as $163 at one point, bulls entered to close the day at $166.75, exhibiting a bullish hammer pattern. As expected, the past 24 hours have shown greens which suggests there has been more buying in the market.

Despite the new apparent short-term support at $165, the Bollinger bands’ upper value still caps at $190, suggesting we’re still far off from the $200 mark.

Litecoin Price Analysis: LTC 24-hour Price Chart. Source: TradingView

LTC/USD pair showing mixed behavior in 4-hour chart

The past 4 hour candlesticks for LTC/USD trade suggests mixed behavior, where after initial continuation of bearish patterns from yesterday, the pair bounced back to reach the coveted $170 mark. However, the relative strength index (RSI) stands just above 60, which suggests that the current trends are overvaluing the asset. From the 4-hour trends, it can be suggested that volatility is kicking in and the current uptrend is due short-term, before some correction kicks in and previous support at $165 is rebuilt.

Litecoin Price Analysis: LTC shows strong resolve to stay above $170 3
Litecoin Price Analysis: LTC 4-hour candlestick chart. Source: TradingView

Litecoin price analysis: Conclusion

Litecoin is set to find a new support level at around $165, according to the positive market trend observed over the past 24 hours. According to current trend, bulls have entered the market and are trying to push over the $170 mark, and successfully doing so over the short term.

However, a minor correction seems to be in order before the next push and some selling is expected. In the long-term, the next goal remains the $200 mark, expectations of which have gathered greater momentum after a positive last few days for the token.

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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