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Litecoin Price Analysis: LTC/USD set to break above $150 today


www.cryptopolitan.com 17 December 2021 13:39, UTC
Reading time: ~2 m

  • Litecoin price analysis is bullish.
  • LTC/USD faces resistance at $150.
  • Resistance for LTC is found at $158.

The Litecoin price analysis for today is bullish, as the bulls have maintained their lead for the third straight day. Despite the fact that the LTC price began today’s trading session at $154, it has recovered to $154 owing to continued bullish action by traders. Despite a steep lower low being contained by bulls in the last month following the price drop below $150, a new support level for LTC at $150 is evident from the latest price analysis.

The latest Litecoin price analysis has indicated that there are strong supports for LTC/USD at $150 and $158 respectively. In addition to this, if the bulls fail to maintain their pressure on the price of Litecoin beyond trading in a narrowing range between $157 and $159 then it would be evident that traders have gained enough momentum to drive up the value of LTC even more. A break below these levels could indicate a drop towards the next strong support at $154, which was previously seen as a resistance zone earlier today before the bulls began controlling price action with renewed strength.

Litecoin price analysis: Recent developments and further technical indications

LTC/USD 4-hours price chart. Source: Trading view

The LTC/USD pair is again under pressure, as the Bollinger bands are maintaining the gap. The upper Bollinger band can be found at $216, with the lower range at $126, which represents LTC’s lowest support. For LTC/USD, resistance is located at the $171 average of the Bolinger bands.

The bulls are attempting to maintain the upward trend, as the price breakdown was downward today, but they soon took over after a minor slump in price and have been in control since then. If we examine the 4-hour LTC price chart, we see that LTC’s value has stayed constant during December 8th.

The RSI is in the lower half of the neutral zone, at index 38, but it is rising. From December 13th onwards, the indicator shows little buying activity.

Litecoin Price Analysis: Conclusion

The Litecoin price has been recouping at a sluggish rate, according to the Litecoin price analysis, but bulls are not allowing the price to fall severely as LTC is currently in a solid support area, and we may anticipate a rise from this level. Later today, if the market sentiment improves even more, we believe LTC will break near $156.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.

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