Litecoin price analysis: Can the bulls maintain $150 if LTC is rejected at $165?

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Following a drop below $140, the bulls promptly rallied to defend the support level, allowing LTC to rebound to $165. However, the price action was rejected at the level, and the price sank back to the $150.00 level, where it is presently hovering.

Over the recent 24-hours, the larger cryptocurrency market has seen a mixed market attitude, with most major cryptocurrencies fluctuating between positive and negative moves. LUNA, for example, has a 10.00 percent upward trend, whereas SOL has a 7.72 percent downward trend.

Litecoin price analysis: Bulls reclaim $150 as LTC rises

The MACD is now negative, as shown by the red hue of the histogram, across all technical indicators. However, when LTC rebounded towards the $165.00 line, the indicator’s light hue indicated a falling negative momentum. The signal now displays mild negative momentum, which may arise if the price goes below $150.00 once again.

The EMAs are now trading low as the price action has been destabilized by the abrupt drop in Litecoin price research. Until the rejection at $165.00, the 12-EMA exhibited little upward momentum. Instead, both EMAs are heading downwards, with the 26-EMA moving faster than the 12-EMA, which is traveling parallel to the horizontal axis.

Litecoin price analysis: LTC rejected at $165, can the bulls hold $150? 1
Technical indicators for LTC/USDT by Tradingview

The RSI is near neutral, but it is trading at a low level, indicating negative pressure on the Litecoin price. The indicator is oversold and offers a buy recommendation since there is minimal room for major downward movement. The indicator was moving upwards at the time of publication, indicating that buyers were still fighting to get back to $170.

Following the steep decrease seen by the Litecoin price research, the Bollinger Bands are presently wide. The bands showed severe divergence when the price dropped below the band’s bottom boundary on December 3. While the price has recovered and returned to the area, the bands remain broad to accommodate short-term volatility.

LTC/USDT technical analysis

With 16 of the 26 important technical indicators supporting the bears, the 4-hour Litecoin price analysis provides a strong sell signal. On the other side, none of the indications favor the bulls, implying that the markets see little to no purchasing activity. Meanwhile, at the time of writing, the other ten indications are on the fence and are not emitting any signals.

The 24-hour

price analysis echoes this opinion, with 15 indications pointing to continued price declines and only one pointing to price rises throughout the mid-term charts. The analysis reaffirms the bearish domination over LTC. On the other hand, ten indications do not support either side of the market.

What could you anticipate from the Litecoin price forecast?

After dipping below the $140 barrier, purchasers quickly pushed back and did not allow any further negative movement as the price rose over the $160 mark, according to the Litecoin price research. However, the bulls were met with resistance at the $165 level, and the bullish trend was rejected at the level, with the price returning to the $150 support.

Litecoin price analysis: LTC rejected at $165, can the bulls hold $150? 2
4-hour price chart by Tradingview

As the market momentum shifts from bullish to negative, traders anticipate the Litecoin price analysis to climb upwards towards the $170 mark. The short-term charts support this theory, indicating a bullish takeover as the bulls gain traction. Conversely, if the bulls fail to break through $160, LTC will likely tumble below the $140 support level.

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