Litecoin managed to reverse downtrend from $157 to $170 mark

TL;DR Breakdown

  • LTC corrected to $170 after bears failed to hold the market hostage
  • Bearish action is now at the 20-day EMA and has increased the pullback from $169 to $167.
  • At the time of writing, LTC is trading at $167

Litecoin Price Analysis: General price overview

Litecoin price action on the 24-hour chart has been oscillating between bearish and bullish zones since the beginning of the day, and the RSI shifting momentarily from one overbought to oversold and to overbought again. This along with a wide daily range extending from an intraday low of $166 and a high of $173 indicates the presence of high volatility across the market. The bulls have been stuck around the 20-day exponential moving average at $170.

A level it corrected after the bears failed to sustain a downtrend at $157. The bears are suppressing the price movement at the 20-day EMA and have increased the pullback from $169 to $167.  LTC’s relative strength index is shifting positions between the overbought region and the neutral zone since the beginning of the day. 

Overall, Litecoin’s chart is lying within bearish momentum and has been the case since we entered the weekend. The first major support lies at the 200-day exponential moving average at 166. Buyers are attempting to strengthen the support to prevent a breakdown that could lead to a downward retracement to the $165 mark. 

Litecoin price movement in the last 24-hours :

On the 24-hour hour technical analysis, the MACD has been resting within a bearish sign for the better part of the day after crossing below the 0 marks in the early morning hours.  The 50-day simple moving average is sloping upwards slightly above the current price, while the 100-day SMA is acting as temporary resistance on the 1-hour chart. 

The opening price for the day is $170. An early bullish trendline saw LTC hit an intraday high of $172 before falling short of $173 and reversing towards $169. This reversal extended a bearish continuation to the intraday low of $167.08. Which is a good performance compared to yesterday’s swing low to $157 before the bulls were able to weave back control and push back the price to $169 by the close of yesterday. 

Source: TradingView

Litecoin 4-hour price chart : Generally bearish action

8 major technical indicators are suggesting a bearish movement on the 4-hour technical analysis. The RSI is within buyers’ territory at $39. While the majority of the indicators are lying within neutral zones. At the time of writing, LTC is trading at $167 and has marked several green candles on the price analysis. 

Litecoin price analysis conclusion : What to expect? 

The current price level is acting against the active first major resistance level at $171. The first support lies at $166. The bulls need to gather support from the broader market to break out of the $166 level and beat resistance at $171. This will bring the $174 price level into play, which is also the 62$ FIB extension level. 

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