https://ift.tt/3HLyfEJ price analysis: LTC Price bounces back to $133.5 as an increasing trend follows

TL;DR Breakdown

• Litecoin price analysis is bullish today.
• Support for LTC/USD is present at $131.
• Resistance for LTC is found at $136.

The latest Litecoin price analysis is predicting a bullish trend for the day as the price has been advancing smoothly since the start of today’s trading session. Although during the last few days, the bears were in command and caused severe damage to the price of LTC, and the price trend line remained downwards. But today, bulls have made a comeback, the progress has been slow, but the bulls have managed to bring the price above the $133 point. An upward trend has been thus dominating the market for today.

LTC/USD 1-day price chart: Bullish momentum aggravates chances of progress

The bulls have been at the upper position according to the 1-day Litecoin price analysis. The bullish momentum has been strong enough to rescue price and allow its recovery up to $133.5 level, regaining at least 0.14 percent over the past 24 hours. This is a great sign for the buyers as the price was going down earlier. Now it is headed towards its next aim once again as the bulls made a comeback today. However, the coin reports a loss of 9.65 percent over the past week as the major trend was bearish.

The price is trading far below the moving average (MA) level, which is at $142. A cross-over between SMA 20 and SMA 50 curve was reported in the previous weeks as well, which was a bearish indication. As the volatility is increasing, the upper Bollinger bands value is now $166, and the lower Bollinger band value is $130, which represents support for LTC. At the same time, the Relative Strength Index (RSI) score has slightly improved up to 33 today after sinking near the borderline of the undersold zone.

Litecoin price analysis: Recent developments and further technical indications

The bullish momentum has been on the rise again, as can be confirmed from the 4-hour Litecoin price analysis. The price has been able to reach the $133.5 height in the last four hours, which is a huge accomplishment for the bulls. That is because cryptocurrency has been tackled with great loss in the past few days. But now, the chances of progression are increasing as the price crossed the moving average level, i.e., $132 as well.

The recent recovery has been quite encouraging for the buyers after a continual series of defeats. Moving on, the Bollinger bands Indicator is showing a change in values as well as now the upper band is at $147, and the lower band is at $124. The RSI curve has also improved to index 41 due to constant buying since night.

Litecoin price analysis: Conclusion

The bulls have been able to take advantage of the present situation as the price has been uplifted to $133.5 level in the last 12 hours. The overall trend since the past week has been going in favor of the bears as well, but today the trend has changed. The price underwent considerable improvement in the last four hours as well, which is yet another encouraging sign.

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