Litecoin price analysis: LTC recedes to $171.61 after rejection from $180

TL;DR Breakdown

• Litecoin price analysis shows strong resistance at $178.
• Decrease in market value of LTC has been suspected.
• The current support level is at $158.19.

The latest Litecoin price analysis is showing a bearish trend despite its various attempts to break past the $165 resistance. During the past hours, LTC/USD has tried to break through the present resistance at $167.25 but failed. A continuous bearish drift is observed if we go through the price variation that has taken place in the past few hours. The constant pressure from the sellers has reduced the resistance to the $165.8 figure, and red candlesticks are dominant on today’s graph displaying Litecoin price.

LTC/USD 4-hour chart: Sluggish price action confirms bearish sentiment

The hourly Litecoin price analysis is exhibiting discouraging results for today’s buyers. The Bollinger Bands indicator is gradually narrowing and hinting at a decrease in overall volatility for the cryptocurrency. As today’s trend has mostly been bearish, there is a high chance that the low volatility is predicting a bullish uprise in the approaching future. The average value of the Bollinger bands in the four-hour chart is resting at the $167.25 mark, as seen from the chart below.

Moving forward and discussing the moving average indicator’s statistics, this is present at the $171.05 level. The Bollinger bands basically inform us about the most recent trends in the cryptocurrency market and their various effects on the future value of a coin. The two ends of the Bollinger bands are giving us the following values; the upper band being at $176.31 while the lower one is fixed at $158.19.

The Relative Strength Index is confirmed by the lower graph under the full-featured chart. The purple graph is showing an RSI value of 52.30, which is an average figure and there is a strong likelihood that it will touch the over-bought point with an RSI of 70.

Litecoin price: Daily chart gives bearish signals for the market

From the overall view and general analysis of the chart, it can be deduced that both the bulls and bears have shown strong competition over the past couple of days. The Bollinger bands are giving an average of $146.03 as a whole. The highest point of the Bollinger bands is present at the $171.3 of resistance. While the lowest Bollinger band value is placed at $120.79 standard, as authenticated by the thorough Litecoin price analysis.

As predicted earlier by the volatility, the RSI is also 66.14, which is a great signal for the bullish movement. The Moving Average Indicator (MA) is $156.52 which is also inclined towards the bearish side as per the performed analysis.

According to today’s technical indicators chart, there is an almost neutral trend with a noticeable possibility of a future rise in bullish trends. There are a total of 26 indicators, and among them, seven indicators are at selling and neutral positions, while 12 remain at the buying state. The Moving Averages are showing us a strong buying trend, with three indicators leaning towards selling, one towards neutral, and eleven towards buying.

The Oscillator indicators are also very crucial in determining the current market situation, and it is displaying the selling status. Four oscillators are under the sell label, six under the neutral, and one oscillator is under the buy label as per Litecoin price analysis.

Litecoin price analysis conclusion

It can be predicted that the updated statistics are showing a bearish movement. If we look at today’s one-day LTC/USD chart, there is a resistance at the $165.79 price, to be exact. The volatility as seen from the charts is gradually increasing, which hinders us from predicting the exact future trends, yet mostly in favor of the bulls as the past days have had more bullish retraces. If the LTC/USD cost maintains the current support level, then there is an adequate chance that it will hit another high above $165.8.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/litecoin-price-analysis-2021-08-12/