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After a long pullback, Litecoin bulls have pushed the digital currency back above $160, but the crypto market has taken a hit. Bitcoin and a handful of other top coins have dropped more than 1% since yesterday, hitting a near 2-week low. The technical charts are also indicating a short-term bearish trend, with LTC down over 2% and ETC, USDT, and Tether losing over 1% on the day.
The dust has finally settled on the collapse of Litecoin (LTC) bulls, and the cryptocurrency now appears to be in short-term bearish territory, specifically as a result of a sharp drop in the cryptocurrency’s price during the last 24 hours. In this Litecoin Price analysis, we look into near term probably movement of Litecoin.
Summary of Litecoin Price Analysis – June 20, 2021
- LTC is trading in a descending channel with resistance above $158.
- The next price target on a break above $168 is $188.
- The first support level is at $165.
Litecoin Price Analysis: Price Overview
Litecoin has formed a descending triangle structure with a support line around $154 and a resistance structure at $158. The currency entered the $167 area where it was rejected after making an intraday high on yesterday’s 24-hour chart. The $167 level was a head-shoulder pattern, with the neckline going through current resistance on the 4-hour chart at $159. However, the price action was within the downtrend line from the neckline to below the first reversal resistance at $189. At this point, the first angle of the descending triangle begins its base. Buyers tried to consolidate at this point, but were then pushed to $170 and faced a sharp pullback, resulting in a downward correction on the 1-hour chart below the 10-day moving average convergence and divergence (MACD).
Litecoin Price Analysis: Litecoin’s price movement in the 24 hour chart
Litecoin was able to close yesterday’s session with a gain of 1.33% and reached $157. The currency continued its morning uptrend and reached a bounce at $158. Buyers then tried to push the price higher and hit two critical resistances: the first and second reversal resistances at $165 and $169. The afternoon rally was able to gain support at $190 and test initial resistance. As a result, the currency became oversold and corrected back below $162, forming a descending triangle. The bulls need to overcome the descending triangle structure for the rally to reach $188. A break above $190 will need support from the broader market, attract buyers and prolong a new cryptocurrency rally. The relative strength index indicates an overbought condition. However, if the bears are able to overcome the buying pressure, there is a good chance that the first level of reversal resistance will be reached.
Litecoin Price Analysis: 1-hour Litecoins price chart
Litecoin is hovering around the $157 level – the top of the descending triangle on the 1-hour chart suggests an opportunity for buyers. There is a chance of a potential breakout from the structure, which would extend a new uptrend towards $180. At the time of writing, the coin is trading at $154 apiece. This level appears to be under heavy selling pressure, as the currency has already fallen back to a one-hour low at $153, but the bears appear to be holding back towards support at $150.
Litecoin Price Analysis: Supplement
In this case, one of the following options is possible: A sustained decline is sending the price of Litecoin below $185. This could end with the coin making contact with levels below $180. On the other hand, sustained buying would form a bullish pattern above $195 and $197, which could lead to a weekly high of $210. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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