Litecoin price analysis: Selling pressure returns as LTC enters the $14 range


TL;DR Breakdown

  • The Litecoin price analysis is bearish.
  • Support for LTC/USD is present at $112.5.
  • Resistance for LTC is present at $116.6.

The Litecoin price analysis is bearish today, as the coin has gone into correction below $114.1. A decrease in price has been observed again today; though the price improved significantly during the past week, and yesterday, the coin’s price even broke above the crucial resistance of 110.5 after leveling up to this very same level on 13th and 15th April, but bulls could not succeed in a break above. However, the selling pressure has come back as the price oscillated towards $114.4 yesterday, and the coin went into correction today. Next, support for LTC is present at $112.5, but it can be expected that the coin may get support before reaching the said support level.

LTC/USD 1-day price chart: LTC rejects upside as selling pressure arises at $14.1

The 1-day price chart for Litecoin price analysis shows a decrease in price today as bears have returned after two days of bullish price action. The price of LTC/USD has decreased to $113.70 at the time of writing. LTC/USD still shows a gain in the value of around 1.40 percent during the last 24 hours and reports an increase of around 1.41 percent value over the course of the last seven days as the bulls have been mostly in the lead and have made massive gains over the week. Trading volume has also increased by 9,98 percent resulting in market dominance of 0.42 percent.

LTC/USD 1-dayr price chart. Source: Tradingview

The volatility is high for the crypto pair as the Bollinger bands show expansion. The price is trading near the mean average line, which represents resistance at $116.7, whereas the lower band of the Bollinger bands at $99.7 represents support for the LTC.

The relative strength index (RSI) is on a downwards curve near the center of the neutral zone and is currently present at index 48. The indicator hints at the selling activity in the market, which is triggering the deficit in price levels.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour price chart for Litecoin price analysis shows price action has been in the downwards direction mostly today, as out of the 16 trading hours, bears dominated for 12 hours, while bullish action was observed only for a short period of four hours. The price levels have been recorded receding again at the time of writing and may decrease further during the approaching hours.

Litecoin price analysis: Selling pressure returns as LTC enters the $14 range 2
LTC/USD 4-hour price chart. Source: Tradingview

The volatility is mild, as the Bollinger bands are suggesting for the 4-hour charts. The upper limit of the Bollinger bands is present at the $115.5 mark representing the strongest resistance for LTC, and the lower band is present t the $106.6 mark, representing the strongest support for LTC. The RSI has also been decreasing and is present at index 59 in the upper half of the neutral zone. The curve of the indicator is not steep, which hints at the support present nearby.

The technical indicators are mostly giving negative signals as there has been a slight decrease in the Litcoin price today. The summary dictates that there are 12 indicators at the selling point, with four indicators at the buying and 10 at the neutral points, thus favoring the bearish side as a whole.

Litecoin price analysis: Conclusion

The Litecoin price analysis reveals the price movement is in a bearish direction today, as a decrease in price has been recorded, and the price has corrected down to $113.7. The crypto pair may continue to correct for the coming hours, but the decrease seems to be controlled as the support is also present nearby.

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.

Credit: Source link

Leave A Reply

Your email address will not be published.