- Litecoin price analysis is bullish today.
- Support for LTC is present at $207.
- Resistance is found at $229.
The Litecoin price analysis is on the bullish side today. Bulls have recovered a good range from $218 to $221 today. The bullish momentum that started yesterday helped in elevating the price from $203 to the current price level. Today a high swing towards $224.9 was also observed at one point.
The support for LTC is present at $207, followed by another support of $197.8. In contrast, resistance for LTC is present at $229, followed by another resistance of $262. The coin has lost significant value after reaching $279 on 14th November, as it stooped as low as 204 on 18th November. The damage observed was weighty enough, but the coin has also shown some noteworthy recovery from yesterday as well.
LTC/USD 1-day price chart: LTC bulls gain 5.40 percent
The 1-day price chart for Litecoin price analysis shows that the present bullish momentum has yielded good results as LTC is now trading at $221.7 at the time of writing, as today is the second day of the bullish trend. Overall, LTC gained a value of 5.4 percent over the last 24 hours but has lost a tremendous value of 11.5 percent over the past week. Despite the uptrend from yesterday, the trading volume has decreased by 24.3 percent.
The volatility is almost consistent, as the Bollinger bands do not show any significant movement. However, the lower band shows some degree of convergence, raising the support level to $175 for LTC and showing resistance for LTC at the $228.8 mark. As the mean average of the indicator is present at this point, and the price is trading below the mean average.
The relative strength index (RSI) is exactly at the center of the neutral zone trading at index 50. The RSI trending curve is slightly upwards, and the indicator shows quite a room for further buying activities to take place and also shows the same area for the bearish practice.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows that the price has been rising from the very start of today’s session, but recently some bearish hindrance has been observed, but the price oscillation was not very fast, but could not be named as slow either.
The volatility is mildly high on the 4-hour chart, with the upper Bollinger band at the $236 mark representing the resistance level for LTC/USD, and the lower band is at the $200 mark. The mean average of the indicator at $218 shows first inline support for LTC in case the reversal continues. The RSI is trading at a horizontal curve at index 46 and does not issue any signal.
The technical indicators for LTC are on the bullish side as well. There are 11 indicators hinting at the buying of LTC assets and around six technical indicators hinting at the selling of assets. Around nine technical indicators stand neutral and do not favor any side of the market.
Litecoin price analysis conclusion
The Litecoin price analysis suggests the crypto pair is overall bullish, and the price is on an upwards trend. However, the 4-hour chart shows some selling pressure building up as the last candlestick is red, and the RSI also shows a slow down in the buying as well. On the other hand, as the technical indicators also suggest, the momentum is towards the upside, and if bulls gather enough support, they can still push through towards the $225 level.
Litecoin Weekly Forecast December 6 — 10, 2021
Litecoin LTC/USD ends the trading week at 195.56 and continues to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices are testing the area between the signal lines again. This indicates pressure from buyers of the digital asset and a potential continuation of the decline in the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a price decline and a test of the support area near the level of 180.55. Where can we expect a rebound again and an attempt to raise the value of Litecoin with a potential target above the level of 335.05.
Litecoin Weekly Forecast December 6 — 10, 2021
An additional signal in favor of raising the LTC/USD quotes in the current trading week December 6 — 10, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Litecoin digital asset will be a fall in price and a breakdown of the 135.05 area. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below the level of 85.05. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 235.05.
Litecoin Weekly Forecast December 6 — 10, 2021 implies an attempt to test the support area near the 180.55 level. Then, continued growth to the area above the level of 335.05. An additional signal in favor of an increase in Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 135.05 area. This will indicate a continued decline in cryptocurrency with a target below 85.05.
Litecoin Forecast and Analysis December 3, 2021
LTC/USD are traded at the level of 204.06 and continue to move within the correction and the downward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $14,068,777,013. Moving averages indicate a short-term sideways trend in 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 correction in the value of a digital asset and a test of the support level near the area of 185.05. Where can we expect a rebound upward again and a continuation of the rise in the Litecoin rate with a potential target above the level of 255.05.
Litecoin Forecast and Analysis December 3, 2021
An additional signal in favor of raising the LTC/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the Head and Shoulders reversal pattern. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 175.05 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below 135.05. With the breakdown of the resistance area and closing of quotations above the level of 225.05, we should expect confirmation of the development of the bullish trend in Litecoin and the beginning of the development of the “Head and Shoulders” reversal pattern.
Litecoin Forecast and Analysis December 3, 2021 suggests an attempt to correct and test the support area near the level of 185.05. Where can we expect a rebound and continued growth in the LTC/USD price to the area above the level of 255.05. An additional signal in favor of an increase in Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 175.05 area. This will indicate a continued fall in the cryptocurrency with a target below 135.05.
Litecoin price must hold critical support to avoid crash to $100
- Litecoin price action is precarious as it flirts with final support zones that would threaten a deep sell-off.
- $180 represents the most vital area of support for Litecoin, which it must hold.
- Recent whipsaws in Litecoin’s movement make upside potential difficult.
Litecoin price shows significant weakness on its daily chart, with the current support at $200 showing signs of failure.
Litecoin price could retest its final and most substantial level of support at $180
Litecoin price is currently trading against some strong support at the $200 level, though the support is unlikely to hold and more downside is expected. $200 is not just an important and natural psychological number, but it is also the 50% Fibonacci retracement. The daily Tenkan-Sen (blue moving average) is just above the $200 level at $205.
While those levels all indicate a collection of strong near-term support, the position of the Chikou Span and the Cloud warn that $200 may not hold. The Cloud up ahead shifts, abruptly, much higher over the next two trade days.
Additionally, by Sunday (December 5th), if Litecoin is still trading in the same value area, the Chikou Span will slide below the candlesticks, and Litecoin price will shift below the Cloud. Consolidation: here is not a supportive condition but rather a bearish warning sign.
$180 is the strongest and final support zone for Litecoin price. The 38.2% Fibonacci retracement and 2021 Volume Point Of Control all reside within the $180 level. Failure to hold $180 could trigger a move to retest the June 2021 lows at the $100 value area.
LTC/USD Daily Ichimoku Chart
Litecoin price must close above the daily Kijun-Sen and Cloud at the $240 value area to invalidate any near-term bearish expectations. Traders should look for any major bullish spike that would result from the daily candlesticks respecting Senkou Span A (top of the Cloud) as support. Sharp and fast moves higher on Saturday and Sunday would be expected in that event.