Litecoin price analysis: LTC faces strong resistance at $110
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TL;DR Breakdown
- The Litecoin price analysis is bearish.
- Support for LTC/USD is present at $104.5.
- Resistance for LTC is present at $110.5.
The Litecoin price analysis reveals the coin is not in a strong position today, as the market is bearish again. LTC was unable to break above the $110 resistance range as the coin faced rejection at this point today when the bulls tried to elevate the price levels further up, and the price has oscillated back towards $107.9. This situation hints at the fact that the resistance is strong, and bulls need more push to re-attempt this level.
LTC/USD 1-day price chart: Bulls to hold on to $104.5 support
The 1-day price chart for Litecoin price analysis shows the price is covering a range downwards at the $107.9 level as the coin is in the correction phase today. Previously bulls played well and challenged the resistance at $110 but could not sustain the higher price level and needed more support to carry the lead. As the price has decreased to $107.9, the coin reports a loss of 1.45 percent over the last 24 hours and a 5.04 percent loss over the past week. The trading volume increased marginally by 2.21 percent, and the market cap decreased by 1.53 percent.
The LTC is trading in high volatility as the Bollinger bands are showing high divergence. We anticipate the coin to trade in the lower half of the channel as suggested by the Bollinger bands, with the upper limit at the $137 mark and the centerline of the indicator at the $118.9 mark, which represents the resistance levels for LTC bulls to encounter.
The moving average (MA) is trading just above the LTC price level at $109.5, and the relative strength index (RSI) is trading at a downwards curve line at index 42. The downward curve of the RSI indicates a bearish momentum as the selling activity is affecting the price levels.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Litecoin coin price analysis shows the coin, after breaking out upwards at the start of the day, went through bearish pressure as the price movement has been downwards for the last 12 hours. Today bears had caused damage to the price value after the selling pressure returned when the price spiked towards $12 at a moment. This price spike triggered the selling pressure, and the downfall started.
The volatility range is more narrow on the 4-hour chart as the lower limit of the Bollinger bands is present at the $100.4 level indicating the possible support for LTC and the mean average of the Bollinger bands at the $106.3 mark, which is also below the price level. The RSI shows a downwards curve here as well as it trades at index 47 near the center of the neutral zone of the indicator, hinting at the recent selling that degraded the price back to its previous level.
Litecoin price analysis: Conclusion
The Litecoin price analysis suggests the coin has been in correction mode at the $107.9 level, so we expect the downtrend to continue in the coming hours, as the market is also bearish. LTC is expected to get support at the $104.5 level, where bulls will have to look for a change of trend.
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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