Litecoin was one of the top performers in the cryptocurrency market in the last 24 hours. The price of the coin jumped close to 20% as it moved above the $135.00 mark. The reason for the sudden movement is the fact that Litecoin has been holding the $135.00 mark for the last few days, and it was close to breaking through it.
LTC is struggling to break out of a downward trend that has marked its price in recent weeks. LTC has established a base around $136.71 since the start of the month and is now trapped in a range between $137.64 and $139.27. Price action has been closely correlated with the relative strength index this week and is following the trend up of the RSI. The MACD has shown excessive divergence this week, but this may be just a coincidence.
- The $137.64 level seems to be a significant barrier on the Litecoin price chart.
- A positive trend line may be seen on the most recent chart.
- At $135.18, there is sufficient support.
The price of Litecoin is gradually falling to the negative, indicating bearish dominance in the market. The most recent report indicates that instead of climbing over the $139.89 barrier, the price continues to fall.
Bulls have had a firm hold on the market in recent days, resulting in a pattern of red candlesticks that has persisted. There has been a significant change from the previous week, when the Litecoin price showed some positive indications.
Analysis of the Litecoin price: The 4-hour chart indicates a strong negative trend.
The 4-hour chart indicates a downward moving line, with the price consistently falling in comparison to the previous week. As seen in the chart, there have been a few bullish retraces. However, the market price is steeping below the $137.64 barrier, which is a bearish indication. The Bollinger Band indicator, on the other hand, indicates that the average is $139.89.
Moving on to the moving average indicator, it is now resting at $139.86 in the present scenario. The Bollinger band’s upper edge is set at $144.61, while the lower edge is fixed at $135.18. The market’s Bollinger bands are exhibiting less volatility, indicating that a bullish upswing may be on the way.
4-hour chart of LTC/USD. Trading View is the source of this information.
The relative strength index (RSI) for the 4-hour Litecoin price chart is 43.05, which is an average score. It’s possible that in the following weeks, this figure may climb much higher, approaching the overbought level. This score is now at a neutral level, indicating that bulls and bears are competing for supremacy and therefore balancing each other out.
The 1-day price chart for Litecoin shows a negative trend.
The 1-day chart of the Litecoin price shows a decline with negative momentum, with resistance at $137.75. The general trend has been surprisingly bullish over the last week, which has progressively altered today. The red candlestick indicates an impending negative trend that may turn if conditions are favorable.
The Bollinger band on the 1-day LTC/USD chart is giving us a significant barrier at $130.73$. If we go to the extremes, the top and lower ends of the spectrum are respectively $153.25 and $108.22. However, for the present negative trend, volatility seems to be diminishing, indicating a market reversal before the end of the month.
One-day chart of the LTC/USD pair. Trading View is the source of this information.
As can be seen from the chart, the RSI score is 52.07, which is a bullish sign. This may be beneficial to the Litecoin price, pushing it over the maximum RSI limit and past the overbought level. Meanwhile, the moving average is indicating a resistance of $141.38, which is higher than the present barrier of $137.75.
Technical indicators chart for LTC/USD. Trading View is the source of this information.
The Litecoin price indications are trending in the direction of selling, indicating a negative market trend. Eleven of the 26 total technical indicators are in the selling position, while seven are in the purchasing position, indicating that sellers have the upper hand in the market. They may be attempting to sell their assets in order to recoup their losses, causing the market price to fall.
The Moving Average indicates that nine indications are in a selling position, while six indicators are in a purchasing position. The oscillators, on the other hand, are two in the selling stage, one in the purchasing stage, and eight in the neutral stage.
This also explains why the RSI score is at an average level: both sellers and buyers are competing for the top spot. As a consequence, there are more sellers, suggesting a significant drop in the price of Litecoin.
Conclusion of the Litecoin price analysis: LTC is in a short-term negative trend.
Finally, we can conclude that the present market situation is not the most favorable for the price of Litecoin. The price is meeting significant resistance around $137.86, despite the fact that the 4-hour chart still has a higher RSI score. We may see a positive trend in the next days if the Bitcoin market price remains above the $108.22 support level. However, if the present negative trend continues, the Litecoin price may go below $137.86, significantly reducing its worth.
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- litecoin price analysis: ltc faces strong resistance at $137.64 2017