Litecoin Price Analysis, 29 June: LTC bulls vs bears.

LTCUSD Dominant Trend: Bullish

Resistance Levels: $145, $150, $155

Support Levels: $100, $95, $90

Litecoin Price Analysis

Currently and as reveals by the 4-hour chart, Litecoin price is trading at $118.07 level. The cryptocurrency quotes are trading below the moving average with a period of 55 and this indicates a bearish trend on Litecoin. At the moment, the Litecoin price is moving near the lower border of the Bollinger Bands indicator bands. As part of the Litecoin analysis, a resistance test level of $125 is expected, where the bears may expect an attempt to continue the fall of LTC/USD and further development of the downward trend. The purpose of this movement is to allow the bulls to gain enough momentum as the Litecoin price moves to support levels of $100, $95 and $90. The conservative Litecoin resistance level is located near the upper border of the Bollinger Bands indicator at $145, $150 and $155 respectively. Meanwhile, with the look of things, LTC/USD may find it difficult to reach this level as the sellers are still controlling the market.

LTCUSD Chart
LTCUSD Chart

Litecoin was revised down on June 27, recording double-digit losses along with other cryptocurrencies. Before the decreases, the Litecoin was in consolidation after the decrease compared to the new peak of 2019 ($146). For more than three days, the LTC/USD term was between $130 and $140, but mostly pivotal at $135. Thursday’s fall extended losses below the 55-day moving average. Possible areas of support failed to fix the price, which tested $110. There has been some silence since the dust dissipated on Friday and the surface spill faced a resistance below $121. The technical picture shows that Litecoin price has a bullish bias before the weekend sessions. In fact, if the Moving Average Convergence Divergence (MACD) is in positive territory, the LTC/USD exchange rate should exceed $120 while focusing on the main obstacle of $145. Alternatively, the coin quickly loses its value from the last minutes of the market opening. New entrants are encouraged to buy new parts at these lower prices. Long-term tenure will produce decent returns.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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