Litecoin price analysis: LTC trading in vital buyer zone before next ascent up to $180
- Litecoin price trades below crucial 25 and 50-day EMAs to set up vital buyer zone
- Levels of $180 to $200 expected if buyers can overcome the 20 and 50-day SMA
- Price downed another 2 percent to move closer to the support floor at $130
Litecoin price analysis for the day shows that the token receded another 2 percent to go down to $136.98, edging closer to the $130 support zone. With this persistent decline, LTC trades in a vital buyer zone where bulls are expected to come in. On the other hand, the trend also serves as a make or break point for the token with seller action continuing to put further decline towards the second support at $118 alive. Currently, price trades below the 20 and 50-day exponential moving averages (EMAs) to exhibit dominant bearish sentiment.
The larger cryptocurrency market predominantly mimicked Litecoin‘s price action over the day’s trade, led by Bitcoin’s continuing decline taking price down to $43,000. Ethereum also dipped another 4 percent to sit at $4,300, with Altcoins showing mixed outcomes. Ripple fell 1 percent to sit at $0.788 with Solana dropping 2 percent to take price down to $151.82. Cardano meanwhile upped more than 2 percent at $1.27 with Polkadot and Terra also consolidating at $27.04 and $79.31, respectively.
LTC/USD 24-hour chart: Lowering price provides discounted buying opportunity
On the 24-hour chart for Litecoin price analysis, price can be seen lowering significantly after a period of consolidating into a rectangular pattern. This is usually a sign for price falling as a result of a buyer-seller battle where the latter prevails. However, it also provides a buying opportunity in the market near the LTC support floor. Price currently sits below the crucial 25 and 50-day EMAs while bulls struggle to regain the 20-SMA line at $145.4. The Relative Strength Index (RSI) also sits at a lowly value of 33.23 to suggest undervalued market status for Litecoin.
LTC/USD 4-hour chart: Price could head past $135 support before kicking on
The 4-hour candlestick chart for the LTC/USD trade pair shows price falling further towards the $130 support floor. This indicates further potential selloffs over the coming short-term trade sessions. Once LTC bulls are able to hold the recent swing lows and carry more trading volume, more buyers will come into the market. The Bollinger bands’ curves also depict a bearish picture, with an expanded move into the lower half of the curve. The Moving Average Convergence Divergence (MACD) indicates a steep bearish descent below its neutral zone, with the RSI value sitting at a lowly 34.16.
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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