LTC/USD Dominant Trend: Bearish
Resistance Levels: $145, $150, $155
Support Levels: $120, $115, $110
Litecoin Price Analysis
Litecoin price is trading in the red zone, with losses of around 2.5%. The bulls must be between $130 and $140, which could open the door to a higher purchase pressure. Currently, the Litecoin (LTC/USD) is trading at $133.70. The price is negotiated below the moving average with a period of 50, which indicates a downward trend for Litecoin. For the time being, Litecoin price is approaching the lower limit of the Bollinger Bands indicator. Looking at the chart, one can see that the Litecoin could not exceed the level of $138 at the moment and had fallen to a support level of $130. The price should rise from here, but still struggling to make any move above the level of resistance at $140. If the price goes up a bit, the resistance level could be $145, $150 and $155. However, the seller can find support at $120, $115 and $110.
In addition, Litecoin price of the cryptocurrency is negotiated in the symmetrical triangle and below the red line of the moving average with a period of 50, which indicates that if the price breaks and crosses the bottom of the symmetric triangle, it is likely that it gives way to a downward trend. At the moment, the market price fluctuates in the middle part of the Bollinger Bands indicator. If the price falls below Bollinger’s average limit to confirm its downward trend, the bearish will take control of the market before any change in trend; however, this will give the bulls more freedom to regain momentum and make the necessary corrections to take control of the market. The Moving Average Convergence Indicator (MACD) indicates a downward bearish moment as the signal line approaches the MACD line.