TL; DR breakdown
- Litecoin price broke the pivot level resistance at USD 185.3819 over the weekend.
- Litecoin indicators are all bearish on the daily 24-hour chart and require high buying pressure from the bulls.
- The current price of $ 181 is a danger zone for Litecoin as it could lead to more selling pressure.
Litecoin broke pivot level resistance at USD 185.3819 over the weekend. The coin targeted the USD 190 support zone after rising 4.30%. However, the uptrend was short-lived after price rejection near the USD 189 resistance of the 38.2% Fibonacci extension level.
The coin was already trading at $ 182.33 against the US dollar in its early trading hours. LTC hit an intraday high of $ 194.91, followed by a gradual downturn towards a daily low of $ 180. The cryptocurrency is now faced with the task of breaking the 14-3 day stochastic indicator at 30%, which could allow LTC to retest the first significant support at USD 177.
Most of Litecoin indicators are bearish on the daily 24-hour chart and require high buying pressure from the bulls. to keep the price above the 100 Simple Moving Average.
LTC / USD is currently trading at $ 183.96 and opening the daily chart at $ 188. The net income percentage is negative of 2.32% while the daily low is at $ 179.95.
The price movement of Litecoin over the past 24 hours
Litecoin’s 24-hour chart shows a massive descending triangle with the price of the coin dropping at $ 180. While there is a slight uptrend (on the 4 hour chart) the bulls need more support from the market. so that the coin can withstand the resistance of $ 184. Additionally, the bulls need to stay intact above $ 182 and $ 183, or open the door to further price declines.
To continue the uptrend this morning, Litecoin needs to break above USD 185 and hit its pivot level at USD 188. If so, the bulls can hope to beat their target resistance of $ 195 in the next 48 hours. The good thing is that the bottom tip of the descending triangle represents a buy signal that could stimulate the price to make further gains.
However, there appears to be stiff resistance at the 20-day exponential average ($ 186). The bears are creating multiple price hurdles and could result in prices falling below the USD 180 support zone. If the bears manage to maintain their retreats below $ 186 and $ 185, further declines are imminent.
Litecoin price 4 hour chart
The 4-hour chart was facing an uptrend as the LTC was trading at $ 184 against the US dollar. However, two rejections satisfied the coin’s attempt to break past that price point. Which results in a gradual breakdown below $ 181 at the time of writing.
Litecoin price was aiming for a full rebound before the week started, but it appears that the bulls have not received strong support from the market. As a result, the market was hit by a reversal signal that created a head and shoulders pattern for the coin. However, the bulls have tried to break the cutout on the 24 hour trading chart. hopefully the bears will see a clear upward trend during the week.
Litecoin price prediction
Falling further below the current USD 181 price zone is a danger zone for Litecoin as it could lead to more selling pressure. This could propel the price towards the USD 177 support and drop it even further. Hopefully LTC will break the prevailing price hurdles and swing towards USD 190. While the current $ 180 support is crucial and intact, the bulls need to remain conscious and apply more buying pressure to maintain the price.
Litecoin got off to a strong start to the day / week after a steady increase on Sunday. The coin faced a reversal this morning and struggled to break above the USD 184 resistance level. If the coin manages to break out of this price hurdle, the bulls can expect further gains.
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