Litecoin price analysis: LTC strong at $174 after price drop
3 min readTL;DR Breakdown
- Litecoin price analysis reveals that the cryptocurrency is strong at $174.
- Strong support is currently found at the $172 mark.
- Strong resistance if currently found at the $175 mark.
Litecoin price analysis reveals that the cryptocurrency is standing strong at the $174 mark after a bearish drop that took the price down to $172.75. During the past 24-hours, the cryptocurrency has been down by 4.21 percent and by 6.99 percent in the past seven days. At the time of writing, the cryptocurrency is fluctuating between the $173 and $174 price ranges. The overall market trend is currently very unpredictable as both the top currencies, BTC and ETH, are going through a correction period.
LTC/USD 1-day price chart reveals bearish crossovers
The one-day Litecoin price analysis candlestick chart reveals more than one bearish crossovers. The upper Bollinger band posing the strongest resistance mark is found at the $189.56 mark. The first bearish crossover is marked by the nine-day moving average (SMA 9), which is found at the $176.97 mark. Whereas the second bearish crossover is marked by the Bollinger bands’ average, found at the $173.96 mark showing that the bears are still in control of the Litecoin price trend.
The lower Bollinger band is standing at the $163.67 mark at the time of writing. The relative strength index (RSI) on the one-day chart is found at the 53.84 mark, which is well within the neutral range for the king of cryptocurrency.
Litecoin price analysis: 4-hours candlestick chart reveals some room for bulls
The four-hour Litecoin price analysis candlestick chart shows some room for the bulls to regain control quickly; however, there is one bearish crossover present on this time frame as well. The upper Bollinger band is marking the strongest resistance at the $179.29 mark. Whereas the bearish crossover is presented by the nine-day moving average found at the $175.32 mark, while the LTC price is fluctuating between $173 and $174.
On the other hand, the Bollinger bands’ average is sticking right below the current price at the score of $173.56, providing the first support point. The lower Bollinger band is standing at the $167.83 mark. The relative strength index is also showing better results than the one-day price chart, where the value found is at 48.15. This value is well within the neutral zone, inclining slightly towards the oversold mark.
Litecoin price analysis conclusion
The bearish momentum is largely in control of the Litecoin price movement trend at the time of writing. Litecoin price fell from the $177 mark to the $172 mark in a flashy crash; however, the cryptocurrency managed to stay strong at the $174 range despite the drop. If the current support levels persist, the cryptocurrency is likely to retest the $175 strong resistance and $177 above that. If the current support levels falter, the cryptocurrency is likely to fall below the $170 range or even below that price range. The overall market trend is sluggish with bearish tints here and there, but Litecoin has found strong support for now.
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