Litecoin price analysis: Will bulls be able to maintain $170 following rejection at $190?

  • The day’s Litecoin price analysis reveals that the currency failed to break over the $190 barrier level
  • The 24-hour chart for Litecoin price analysis shows that after gaining traction at the start of the week, the price of LTC has fallen dramatically
  • The bottom Bollinger bands’ curve is moving extremely closely with price, indicating a clear negative view

The day’s Litecoin price analysis reveals that the currency failed to break over the $190 barrier level. After reaching a high of $195.49, the price has dropped to $185 at the time of writing. Price is anticipated to fall further below support at $170, laying the groundwork for another bullish surge. However, traders may want solid confirmation that the $200 level may be achieved in order to serve up a long-lasting surge. 

On intraday trade, LTC followed the wider cryptocurrency market into the red, headed by Ethereum’s 6% drop to $3,400. Bitcoin has likewise come to a standstill, dropping approximately 1% to a little around $47,000. Altcoins also fell, with Solana down 7%, Cardano 2.5 percent, and Polkadot 3 percent. Dogecoin, on the other hand, increased by over 1% to $0.24.

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The 24-hour chart for Litecoin price analysis shows that after gaining traction at the start of the week, the price of LTC has fallen dramatically. On September 13, the price reached a high of $238, only to be halted by seller momentum, which began a downward trend. 

The present RSI of 48 indicates that there is minimal buyer interest in the market at this time, suggesting that a significant upturn in momentum is unlikely to occur anytime soon. Price is just above the 50-day and 100-day moving averages, and the moving average convergence divergence (MACD) has dropped below the neutral zone in the last ten days. 

On the 4-hour chart, the RSI has dropped to 41, implying that the token has very little value at its present price and that the slide is likely to continue. The RSI shows that now is a good opportunity to purchase, but traders may want to wait for some consolidation.

Price is currently in full decline and may challenge prior support levels of $170 and $160. The bottom Bollinger bands’ curve is moving extremely closely with price, indicating a clear negative view. To sum up the Litecoin price study, technical indications indicate that the price is poised to fall lower, and it will be interesting to observe where the next support level is set. 

The trading volume for LTC is increasing, indicating development, but the bleeding price is encouraging sellers and discouraging purchasers. After another rejection below $200, Litecoin has entered a retest phase. It may not take long for LTC to recoup its value, but in the long run, the token lacks the impetus to break over the $195 resistance level.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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