- Litecoin price analysis shows bullish momentum.
- Price recovered well above $153 today.
- LTC eyes next strong resistance of $164.
The Litecoin price analysis reveals bullish momentum. The LTC/USD price has improved today significantly as it rose from $153 and is trading hands at $159 at the time of writing. LTC bulls are maintaining their lead successfully and continuing their endeavor for the third consecutive day.
The days prior to the current bullish momentum observed severe losses for the cryptocurrency due to the bearish trend, when the price came down from $164 to $140, but bulls have almost covered a big range by reclaiming the losses. The LTC/USD gained more than six percent value over the last 24 hours, and an increase in value of more than four percent has been observed if we consider the price function over the last seven days.
The broader cryptocurrency market sentiment is bullish today, with Bitcoin reporting 4.4 percent gains in value, as BTC price is $44975, Ethereum shows 5.4 percent gains with a price of $3132. VeChain is topping the charts with more than 20 percent gains, and most of the top coins are also reporting significant gains during the last 24 hours.
LTC/USD 1-day price chart: Bulls awaiting no chances for the up climb
The 1-day price chart for Litecoin price analysis shows bulls are continuously taking the price higher. Yesterday LTC price went above the moving average, and today it’s climbing up towards the mean line of the Bollinger bands, though still in the lower price envelope if compared to the start of last month, but the recent bullish momentum has provided good support for maintaining the coin’s price value.
The volatility is persistent as the Bollinger bands do not show any noticeable movement of the upper or lower band, as both are present at the $195 and the $132 mark, respectively, with the mean average of both the bands forming at the $164 mark above the price level, the noticeable thing is the $164 is also the crucial resistance level as well. Though the indicator still shows a considerable space for the price function to move up.
The relative strength index (RSI) is in the center of the neutral zone at 47 index, as the RSI has remained in the lower half of the neutral zone since 17th September and went near the underbought zone at times but never dipped in, and is again rising since 28th September. The RSI is currently found near the center but still in the lower half of the neutral zone because of a decrease in trading volume, which is down by five percent today.
The MACD though still bearish, as the color of the histogram is still light red, but the bars appear smaller with time. As we know, MACD is a lagging indicator based on historical data, but it still indicates a declining bearish trend.
Litecoin price analysis: 4-hour charts and recent developments
The 4-hour price chart for Litecoin price analysis further reinforces the bullish momentum as continuous green candlesticks are appearing on the hourly charts indicating the bullish progress, as bulls take the price higher, shooting past the upper limit of the Bollinger bands.
The volatility is increasing, as can be seen on the 4-hour chart; the Bollinger bands show expansion of its ends, with the upper end at $158 below the price level and the lower end at $138, making an average at $148. The indicator shows some chances for correction to take place in the coming hours. The relative strength index (RSI) has moved up near the overbought limit during the current hours and is present at the 66 index.
Litecoin price analysis: Conclusion
The Litecoin price analysis suggests a correction might start in the coming hours due to the upwards price movement since the start of today’s session. The traders may want to book profits, which will affect the price function, but for a short time period, as the short-term indications are all in favor of the bullish side. We expect LTC/USD to rise again after a small correction, but the resistance of the $164 may not be retested today.
Litecoin Forecast and Analysis December 8, 2021
LTC/USD quotes are traded at 160.74 and continue to move as part of the correction and the downward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $11,244,376,721. Moving averages indicate a short-term bearish trend for Litecoin. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance level near the area of 175.05. Where can we expect a rebound down again and the continuation of the fall in the Litecoin rate with a potential target below the level of 110.05.
Litecoin Forecast and Analysis December 8, 2021
An additional signal in favor of lowering LTC/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the coin drop option, a strong growth in the fall in the value of the asset and the breakdown of the 205.55 area. This will indicate a breakdown of the resistance area and continued growth in the cryptocurrency rate with a potential target above the level of 265.05. With the breakdown of the resistance area and closing of quotations above the level of 130.05, we should expect confirmation of the development of a bearish trend in Litecoin.
Litecoin Forecast and Analysis December 8, 2021 implies an attempt to correct and test the resistance area near the level of 175.05. Where can we expect a rebound and the continuation of the fall in the LTC/USD price to the area below the level of 110.05. An additional signal in favor of a decline in Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 205.55 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 265.05.
Litecoin price analysis: LTC recovers to $162, gaining eight percent overnight
- Litecoin price analysis is giving bullish hints.
- Resistance for LTC is present at $165.2.
- Support is present at $161.3.
The Litecoin price analysis shows that bulls are leading the charts for today amid an overall downtrend. Bulls are continuing their lead for today as well, as they took control over price function yesterday, following a strong bearish slide. Overall, LTC has been on a downslide since 15th November, when the price peaked at $279 on 14th November, Litecoin has gone through severe losses during this period, and still, the larger trend is the same. The cryptocurrency also incurred losses in the past four hours as well.
LTC/USD 1-day price chart: Price towers above $162
The 1-day price chart for Litecoin price analysis shows positive price movement of LTC. Although the past week has damaged the coin’s value a lot but today, bulls have managed to take the price up to make some recovery as now LTC is trading hands at $162.4 at the time of writing. Today’s upwards movement though small but is helpful considering the overall downfall. However, the bullish momentum is not strong enough as the price, after swinging as high as $165.6, has reverted back to the current price level as bulls were unable to break through the $165 resistance. A contributing factor to the low bullish esteem can be the decline in trading volume, which is also down by 19.2 percent today.
Talking of the moving average (MA), its value is present far above the price level at the $184 mark. The volatility is also high as the Bollinger bands still cover more area, with the upper band located at the $241 mark and the lower band present at the $156 mark. The mean average of the Bollinger bands is present above the MA level at the $199 mark. The relative strength index (RSI) has increased a little bit, but the curve is again straightening up, hinting at a lack of momentum. The RSI is present at index 34.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Litecoin price analysis shows the price breakout was downwards today and remained bearish during the first eight hours today. Then bulls made a comeback and elevated the price to $165.6, BUT again a bearish activity has been going on during the last four hours. This is a worrisome sign as, despite the price still in the green, the bears have been leading for most of the time.
The MA is trading below the price level on the 4-hour chart as it is present at $156, also below the volatility indicator’s average line. The Bollinger bands also show low volatility as the Bollinger bands have converged sharply today and have formed a narrow channel for price function to follow, with the upper band at the $167 mark and the lower band at the $156 mark. The RSI is again showing downslope as the price function was also downwards during the last four hours due to the selling activity in the market.
Litecoin price analysis conclusion
The Litecoin price analysis shows the coin price has increased today, but the price function has been downwards for most of the day. The price has been headed downwards in the last four hours as well. Chances are for the price to move both sides depending upon which side overpowers the other. If the upside continues then, LTC bulls will have to break through above the $165 resistance level. If selling pressure persists, then LTC may revisit the $161 range.
Litecoin (LTC/USD) forecast and analysis on December 8, 2021
Cryptocurrency Litecoin (LTC/USD) is trading at 160.02. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator bars.
Litecoin (LTC/USD) forecast and analysis on December 8, 2021
As part of the Litecoin course forecast, a test level of 173.20 is expected. Where can we expect an attempt to continue the fall in LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 121.60. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator strip at 173.50.
Cancellation of the option to continue the decline in the Litecoin rate will be a breakdown of the upper border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and closing of quotations of the pair above the 205.20 area. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall of the cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on December 8, 2021 implies a test level of 173.20. Further, the continuation of the fall to the area below the level of 121.60 is expected. The conservative area for selling is located area of 173.50. Cancellation of the option of falling cryptocurrency will be a breakdown of the level of 205.20. In this case, we should expect continued growth.