Litecoin price analysis: LTC faces strong resistance at $137.64

0
2136
  • Litecoin price analysis chart indicating strong resistance at $137.64 mark.
  • Latest chart shows bullish trend line.
  • Sufficient support is found at $135.18

Litecoin price is slowly descending towards the downside, showing bearish dominance in the market. The latest update shows that the price is constantly decreasing instead of rising above the $139.89 resistance.

The past few days show a strong control of bulls over the market, resulting in continuing pattern of red candlesticks. There has been a major shift from the previous week, which still offered some bullish signs in the Litecoin price.

Litecoin price analysis: 4-hour chart shows strong bearish trend

The 4-hour chart shows a downward trending line, with a constant decrease in the price as compared to the previous week. There have been certain bullish retraces, as detected in the chart. Yet the market price is constantly steeping below the $137.64 resistance, which is a negative sign. On the other hand, the Bollinger’s band indicator shows us its average at the $139.89 mark.

If we move forward and talk about the moving average indicator, it is resting at $139.86 point in the current situation. The higher edge of the Bollinger’s band is at $144.61, meanwhile, the lower edge is fixed at $135.18. The Bollinger’s bands are showing decreasing volatility for the market, which is a sign that a bullish uptrend could be expected.

Litecoin price analysis: LTC faces strong resistance at $137.64 1
LTC/USD 4-hours chart. Source: Trading View

According to the 4-hour Litecoin price chart, the relative strength index (RSI) is set at 43.05, which is an average score. It can be speculated that in the upcoming weeks, this number can rise higher and reach the overbought mark. This number is right now at a neutral position which means that bulls and bears are striving for dominance, thus balancing each other out.

Litecoin 1-day price chart indicates bearish momentum

Litecoin price 1-day chart is showing the experts a downtrend of bearish momentum at $137.75 of resistance. In the past week, the overall trend has been unexpectedly bullish which gradually changed today. The red candlestick is indicating an upcoming bearish trend which might reverse if the circumstances are favourable.

In the 1-day LTC/USD chart, the Bollinger’s band is showing us a remarkable resistance at $130.73$. If we move towards its extremes, then the upper end and lower end are situated at $153.25 and $108.22 marks, precisely. Yet, the volatility seems to be decreasing for the current bearish momentum, predicting an overturn in the market at the end of the month.

Litecoin price analysis: LTC faces strong resistance at $137.64 2
LTC/USD 1-day chart. Source: Trading View

The RSI score as visible from the chart is showing a number of 52.07 which is a positive indicator. This might be favourable for the Litecoin price and might take it above the highest RSI limit, exceeding the overbought threshold. Meanwhile, the moving average is showing us a resistance of $141.38, which is going even beyond the $137.75 current resistance.

Litecoin price analysis: LTC faces strong resistance at $137.64 3
LTC/USD technical indicators chart. Source: Trading View

The Litecoin price indicators are moving towards the selling direction, taking the market trend towards the bearish side. Out of the 26 total technical indicators, 11 indicators stand at the selling position and seven at the buying position, showing the superiority of sellers in the market. They may be trying to sell their assets to recover from their losses, thus taking to market price downwards.

The Moving Average shows us the nine indicators stand at the selling point while a number of six indicators are in the buying state. The oscillators, on the other hand, are two at the selling level while one remains at the buying stage, whereas eight stand neutral.

This also shows us why the RSI score is at the average number because both the sellers and buyers are fighting for the upper position. This has resulted in a greater number of sellers, indicating a major downfall for the Litecoin price.

Litecoin price analysis conclusion: LTC under short-term bearish grip

Moving to the end, we can say that the current scenario for the market is not the most suitable for Litecoin price. The price is facing strong resistance at the $137.86 mark, while the 4-hour chart still showing us a better RSI score. If the cryptocurrency market price stays above the $108.22 support level, then we might experience a bullish trend in the upcoming days. But if the current bearish trend follows, then the Litecoin price might fall below the $137.86 point, taking its value down even further.

Source: cryptopolitan.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here