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Litecoin Price Analysis: LTC Coin Starts A Fresh Rally After The Breakout From Descending Triangle Pattern

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  • LTC coin chart shows a bearish crossover of 100 and 200-day EMA
  • The LTC/BTC pair was trading at 0.003 BTC with a loss of 2.59%
  • The 24 hr trading volume in LTC coins is $1.73 billion
LTC/USD on Tradingview

The LTC coin price passed the retest phase after the breakout of its descending triangle, resulting in a strong green candle today with a 7.83% gain. Moreover, the price has also given another breakout from the resistance level of $131.2, providing a great long opportunity for traders to add LTC coin to their portfolio.

According to the EMA lines, the LTC coin is still in a bearish trend as the price is trading below the critical EMA 50,100 and 200, and each of these will provide excellent resistance to the price. Moreover, the chart also shows that 100 and 200 EMA have given a bearish crossover, luring more sellers into the coin market.

The RSI (BULLISH) value is 56, indicating a bullish sentiment in the coin. Moreover, the RSI also showed a bullish breakout of its resistance trendline, indicating that token bulls are growing in strength.

LTC Coin Rising With A New Ascending Trendline

LTC/USD on Tradingview

LTC coin price shows the formation of a new ascending trendline leading the new bullish rally. This support trendline seems quite reliable as the price has already tested it thrice and can provide good entry points for LTC traders to ride this brand new bullish rally.

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Litecoin favors a 20% upswing while LTC bulls remain elusive

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  • Litecoin price achieves one of the most sought-after bullish entry conditions within the Ichimoku Kinko Hyo system.
  • Markey awaits buyers to capitalize on the bullish technical conditions.
  • Failure by bulls to step in and rally Litecoin could signal imminent selling pressure.

Litecoin price has entered a tight congestion zone since the initial spike above the Cloud on October 20th. The trading range has been limited to the Tenkan-Sen at $196 above and Senkou Span B at $188 below. Thus, Litecoin has prime conditions for a bullish expansion move to occur, but bulls are unable or unwilling to make that happen.

Litecoin price  pauses after reaching bullish breakout conditions

Litecoin price has been a source of frustration and anxiety for the bulls. The Ideal Bull Ichimoku Breakout entry generated on Litecoin on October 20th has failed to produce any further upside momentum. The recent consolidation could be seen as a sign of weakness and evidence of a developing bull trap.

The technical continue to favor the long side of the market for Litecoin price. Buyers may come back in to push Litecoin higher when there is a daily close at or above the $200 level. From there, the projected profit zone is at $240. The oscillators favor a bullish breakout as they are all in neutral territory and not at any overbought extremes.

LTC/USD Daily Ichimoku Chart

However, the failure or inability of bulls to create positive momentum could be a precursor to some selling pressure. A daily close below the Cloud at $170 would likely trigger renewed selling pressure towards the $100 value area.

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Litecoin price analysis: LTC unable to break above $196. Do bulls need more consolidation?

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  • The Litecoin price analysis shows mixed market sentiment.
  • Strong support is found at $190.
  • The nearest resistance is found at $196.

The Litecoin price analysis shows no further improvement in price. The LTC/USD pair price went a little up at the start of the day, but after the first 4 hours, selling pressure has been continuously hindering the price function. The bears have rejected the upside above $196 for the third time during the last four days. The price is going down again as bears are still progressing. The LTC/USD pair sits at $195.7 at the time of writing.

Bears are trying to gain momentum after the bullish episode of yesterday, which was not significant enough to break the price above the said resistance level of $196. Although the last week comparatively proved good for the cryptocurrency value to the extent of gaining 3.2 percent value, as that was made possible only with the steep surge in price when it went as high as $207, bears are mainly in control thereon.

LTC/USD 1-day price chart: Bullish efforts not sufficient as selling pressure is fulsome

The 1-day Litecoin price analysis shows LTC is struggling at $195. The price shows minor improvement, which is almost negligible. During the last few hours, some variations in price have been observed, as the bears are trying to take the lead, as selling pressure is still there, providing support to the bears.

Litecoin price analysis: LTC unable to break above $196. Do bulls need more consolidation? 1
LTC/USD 1-day price chart. Source: tradingview

The price may fall below the moving average (MA) if selling pressure persists, which will be a further indication of the bearish trend. The volatility is comparatively high, with the upper Bollinger band at the $204 mark and the lower band at the $168 mark, making an average at $186 below the price level. The relative strength index (RSI) is in the neutral zone at index 58, showing no signs of up-down movement but may dip down in the coming hours.

Litecoin price analysis: Hourly charts confirm bearish flux

The 4-hours Litecoin price analysis further authenticates the bearish pressure. The price movement has been minimal during the last few hours, with bulls recovering a good chunk, but bears are not going anywhere soon, as they are trying to take their position back on the charts.

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Litecoin price analysis: LTC unable to break above $196. Do bulls need more consolidation? 2
LTC/USD 4-hours price chart. Source: Tradingview

The relative strength index (RSI) shows straight-line movement which gives an indication of equaling of selling pressure and buying power, as the RSI is at index 52 and if it falls, the price will go down with it. The volatility is almost persistent, with the upper Bollinger band at the $199 mark and the lower band at the $189 mark; the average is forming at $194, just below the price level. The moving average (MA) is at the $195.2 mark, slightly below the price.

Today most of the technical indicators are towards the buying side due to the overall bullish trend for The entire past month. The moving averages (MA) and exponential moving averages (EMA) like MA10, 20, and MA30 give a buy signal. And EMA 10, 20, and EMA30 are all also giving buy signals.

The oscillators are mostly neutral except for two oscillators, including momentum and MACD giving buy signals. The overall technical indication is for buying, which reinforces the overall bullish trend.

Litecoin price analysis: Conclusion

The daily and hourly Litecoin price analysis report shows that Litecoin is yet not ready to break and sustain above $196. The market is showing mixed sentiment, and LTC/USD pair needs more consolidation to break above the $196 mark. A further decline can be expected in the coming hours but on a controlled level, as the environment is overall bullish.

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Litecoin price analysis: LTC to retest $196 resistance as bulls gain control

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  • Litecoin price analysis shows a bullish pattern.
  • Strong support is present at $191.
  • Strong resistance is found at $196.

The Litecoin price analysis reveals bulls are trying to take the price higher. LTC was slowly recovering from yesterday’s loss when the price stooped down from $196.3 to $190.2. As the litecoin is in bullish mode from 29th September, LTC/USD is still in the green zone.

If we look at the price function of the past 24 hours, then LTC has gained a value of 2.95 percent during this time and is on a gain of 6.99 percent if we consider the entire last week. Today LTC/USD pair is trading between the $190-$195.7 range. During the last week, the LTC/USD price movement was mostly bullish, as the price curve is upwards for the mentioned period of time, but the coin is still floating below the psychological mark of $200.

LTC/USD 1-day price chart: will Litcoin break above $200?

The 1-day Litecoin price analysis shows bulls have taken the lead once again and are trying to take the price higher. Overall, LTC/USD has gained a value of around four percent over the last 24 hours, and the price has improved by 6.9 percent over the course of the last seven days.

Litecoin price analysis: LTC to retest $196 resistance as bulls gain control 1
LTC/USD 1-day price chart. Source: TradingView

The volatility is comparatively high for the LTC/USD pair as the Bollinger bands are still expanded, the upper Bollinger band is at the level of $202, and the lower band is at $168. The average of Bollinger bands is forming at $185 below the price level. The moving average (MA) is at $192 below the price level, giving some edge to the bulls.
The relative strength index (RSI) is in the upper half of the neutral zone and still moving up at a score of 57.

Litecoin price analysis: market pressure hindering bullish momentum

The 4-hours Litecoin price analysis indicates difficult times for the bulls as they are taking the price higher, but selling pressure is forming for LTC assets. Bears are hindering the bullish momentum, and recovery is not that easy for the bulls.

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Litecoin price analysis: LTC to retest $196 resistance as bulls gain control 2
LTC/USD 4-hours price chart. Source: TradingView

The moving average has traveled to $192.9, just below the price level, indicating a bullish crossover due to the recent bullish activity. The volatility is decreasing, which might limit the price fluctuation in the coming hours.

The Bollinger bands are converging, with the upper band present at the $199 mark and the lower band present at the $188 mark. The average of Bollinger bands is at $193.9 above the price level, indicating bearish potential. The relative strength index (RSI) has flattened up exactly above the centerline of the neutral zone; if RSI dipped again, the bears would again get the lead, and if it moved up, a further recovery could be expected.

The technical indicators for Litecoin price analysis are on the bullish side due to the bullish trend for the past month. Out of a total of 26 technical indicators, one is showing a sell signal, and 15 are showing a buy signal, and 10 technical indicators are in a neutral position.

The moving averages are also bullish, with 14 indications towards a buy signal and none for a sell signal, and one moving average is neutral. The oscillators are mostly neutral, with a score of nine oscillators standing neutral and one oscillator of MACD showing buy signal and the other oscillator of momentum showing a sell signal.

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Litecoin price analysis: Conclusion

The 1-day and 4-hours Litecoin price analysis concludes that bulls are making efforts to take the price above the psychological mark of $200, but overall circumstances are not that favorable for them.
Though there are difficulties, the one most important factor is the movement of the RSI indicator, which will describe the future along with the movement of the MA curve below the price level, which indicates chances for a breakout are there.

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