Litecoin price analysis: LTC stable at $177 mark

TL;DR Breakdown

  • Litecoin price analysis is bullish today.
  • The nearest resistance is found at $178.60.
  • The nearest support is present at $171.

The Litecoin price analysis is giving bullish hints. An increase in price has been observed, as the price breakup was upwards of $175.4, and currently, the LTC/USD pair is trading hands at $177.32. LTC/USD pair seems stable at this level of price as the price fluctuation has been comparatively less from the last three days.

The broader cryptocurrency market is showing positive sentiment today, as the trendsetter Bitcoin is again on an upwards price breakup and is floating above $54,000. Ethererum and many top altcoins are also reporting profits, but the margins are not very vast, with few cryptocurrencies reporting losses as well.

Due to the lower price movement, the LTC/USD pair gained a minimal value of 0.15 over the last 24 hours, but LTC/USD is on gains of more than seven percent over the course of the last seven days. However, the trading volume is down by 11 percent.

LTC/USD 1-day price chart: LTC to face the resistance at $178.60

The 1-day price chart for Litecoin price analysis shows a stable price movement. Overall during the last week, the trend has been upwards, but during the last three days, the bullish momentum has slowed down, and yesterday a bearish strike was noted when the price went as low as $175.4, but today bulls took over again and are defining the price function. The LTC is to face the resistance at $178.9, actually the point from where it got rejected yesterday, followed by another resistance of $181.4.

Litecoin price analysis: LTC stable at $177 mark 1
LTC/USD 1-day price chart. Source: Tradingvew

The volatility is medium for LTC/USD pair, as the Bollinger bands don’t show any notable change. The upper band is at $185.6, which can be considered as the top resistance and the lower band is at the $137 mark, which also is the strongest support level as well in the present scenario, the price is trading near the upper band and far above the mean average line of the indicator.  

The relative strength index (RSI) is in the upper half of the neutral zone at 56 index. The RSI showed improvement after 27th September when it was near the undersold limit and gradually rose to a good score. The indicator is still on an upwards slope indicating a buying activity in the market.

The Litecoin price analysis: Recent developments and further technical indications

The 4-hour price chart for Litecoin price analysis reveals, bulls have mainly taken over the price function, as they covered a good upwards range at the start of the session, but bears again appear on the charts as selling pressure is there in the market at the present price level. The appearance of a red candlestick on the 4-hour chart shows bearish activity.

Litecoin price analysis: LTC stable at $177 mark 2
LTC/USD 4-hours price chart. Source: Tradingvew

Talking of the current situation, the volatility has decreased as the Bollinger bands values shifted to $186 for the upper band and $169 for the lower band, making a mean average above the price level at $178, as the price level is below the average of the indicator, it is a confirmation of strong bearish hindrance. The relative strength index (RSI) has also moved down to 52 index, and shows a downwards movement, which is an indication of more selling.

The moving averages MA10, MA20, and MA30 indicate buying signals, favoring the bullish side, whereas the exponential moving averages EMA10, EMA20, and EMA30 also favor the bullish side of the market.

The oscillators are mostly neutral, except the MACD favoring the bullish side and the Momentum favoring the bearish side. The overall majority of technical indications are for buying assets due to the ongoing bullish trend.

Litecoin price analysis: Conclusion

The Litecoin price analysis suggests the LTC will overcome the current barrier if the support remains persistent, and the price may break upwards of $177. However, if support falters, then the LTC price may fall back into the $174 range. Chances are there for either, as the bullish momentum has also slowed down.

Disclaimer. The information provided is not trading advice. 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.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Not One but Four Bitcoin (BTC) Futures ETFs Could be Coming This Month

Not One but Four Bitcoin (BTC) Futures ETFs Could be Coming This Month

Hysterical SHIB Price Prediction! Shiba Inu Expected to Surge 900% By Mid 2022!

Hysterical SHIB Price Prediction! Shiba Inu Expected to Surge 900% By Mid 2022!