Litecoin Price Analysis: LTC Price May Halt The Level Of $170 in Upcoming Days

LTC Price Can Test The Lower Levels Of Elliot wave
  • Litecoin Price is currently in an accumulation zone with an overall gain of 0.61% in the intraday session.
  • LTC indicators showcase a consolidated move with a hint of bearish momentum. Meanwhile, LTC/BTC pair is seeing a loss of 1.23%. 
Source: Trading view

Litecoin price is currently at $203.88 with an intraday gain of 0.52%. On the upward side, LTC price will face major resistance at  $230, and on the downside, it can see a bounce back from $190. LTC is trading above 50 and 100 MA. LTC price has seen support from the 50MA in the past and can test it again in the upcoming days. There is a corrective wave formation in the LTC price. If the price follows the wave, then it could retrace back up to $160

The LTC/BTC pair is currently stagnated with an intraday loss of 0.77% and currently showing some strength for recovery.

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Litecoin is currently ranked at 9 in the crypto-verse with a market capitalization of $17,102,097,588. The 24-hour trading volume of LTC ($2,566,141,297) went down by 27.79%

Technical Indicators Hints A Consolidated Move For LTC Price

Source: LTC/USD On Trading View

Litecoin’s weekly chart shows negative momentum on the weekly chart. While coming on to the shorter time frame of 4hrs, it has formed an accumulation zone. Litecoin price might reach $250 if it crosses above the zone. If LTC breaks down below the channel, one should wait for the price to do its work. It has formed a bullish engulfing candlestick pattern in the previous trading session, showcasing investors’ belief in LTC.

The volume indicator on the 4hr chart is at 5.5K, indicating a buy signal with lower strength. It can see a rise in buying volume if it breaks above the channel.

RSI(Neutral): It is currently trailing at the value of 49.9, showcasing its presence in the neutral zone. There is no slope formed in the RSI, highlighting that LTC price will trail inside the consolidation zone before reaching the new high. The overall sentiment of RSI is neutral.

CONCLUSION

Litecoin has great potential with a great team. LTC has given a great return to the investors and can do the same in the future. LTC is in a consolidated move for a short while and can reverse its position soon. Investors should do their due diligence before investing.

Technical Levels

Major Support:$190

Major Resistance:$230

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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