Litecoin trend analysis: LTC falls below $150 as bearish pressure increases
3 min readTL;DR Breakdown
- Litecoin price has broken out of an ascending channel.
- Litecoin trend analysis shows consolidation as trade volume drops.
- LTC may observe sideways movement until the trade volume rises.
Litecoin price continues to observe wavelike activity as LTC fails to climb above the $150.00 mark. Litecoin trend analysis shows that LTC is moving in a wide ascending channel as the traders continue speculating. The dwindling trade volume has caused LTC volatility to drop as either side fails to gain momentum.
Litecoin price today
Today Litecoin price made an attempt to break above the $147.00 mark to climb to the $150 price level. However, the bearish pressure made it hard for the buyers to break above the level. The low trade volume meant low momentum behind the bullish rally, and while the price managed to break above the level, LTC failed to close above the level.
Subsequently, LTC declined below the level, with the Litecoin trend analysis showing a bearish turnover as the price entered a descending channel. The price fell to $136.29 before finding a strong support level to enable the buyers to fight back. Since then, the price has recovered above the $140 mark, but LTC continues to observe a low momentum. The price action continues its wavelike activity trading as LTC continues moving above an ascending trend line.
Litecoin trend analysis – 4-hour frames
Across the 4-hour frames, Litecoin trend analysis shows that LTC had a strong start to 2021 as the price saw sharp bullish activity rising from the lows of $125 to above $160 as the price moved inside an ascending channel. The price observed a correction at the level that sent LTC to $140 before the price started to rise again.
The second ascending channel had a gentler slope as LTC rose with sustainable price action. The price rose to $180 before meeting strong resistance. The price failed to close above the level and declined below. The rejection caused the price to fall below $125 as the price found support at $111.04.
Litecoin trend analysis shows that the $110 price level enabled the traders to initiate a bull rally as price entered another ascending channel that continued until today. However, this channel was wider than the previous ones showing confusion among the traders. Similarly, the channel had a lesser slope as LTC rose at a much slower pace.
Litecoin trend analysis – conclusion
Across the daily frames, Litecoin trend analysis shows that the Litecoin price has dropped from its bullish trend. The price has fallen below the support of the ascending channel as the market momentum turns bearish. The price currently trades above a support level at $110, consolidating around the $130 level as price volatility dwindles.
The technical analysis issues a slight buy signal as 10 of the 28 major indicators issue buy signals while eight issue sell signals. Meanwhile, another 10 indicators remain neutral, not leaning towards either side. Cryptopolitan’s recent price prediction suggests that Litecoin will observe sideways movement at the level before breaking above the $150 level.
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.
