Litecoin price continues to observe wavelike activity as LTC fails to climb above the $150.00 mark. Litecoin trend analysis shows that LTC is moving in a wide ascending channel as the traders continue speculating. The dwindling trade volume has caused LTC volatility to drop as either side fails to gain momentum.

Litecoin price today

Litecoin trend analysis: LTC falls below $150 as bearish pressure increases 1

Today Litecoin price made an attempt to break above the $147.00 mark to climb to the $150 price level. However, the bearish pressure made it hard for the buyers to break above the level. The low trade volume meant low momentum behind the bullish rally, and while the price managed to break above the level, LTC failed to close above the level.

Subsequently, LTC declined below the level, with the Litecoin trend analysis showing a bearish turnover as the price entered a descending channel. The price fell to $136.29 before finding a strong support level to enable the buyers to fight back. Since then, the price has recovered above the $140 mark, but LTC continues observing low momentum. The price action continues its wavelike activity trading as LTC continues moving above an ascending trendline.

Litecoin trend analysis – 4-hour frames

Litecoin trend analysis: LTC falls below $150 as bearish pressure increases 2

Across the 4-hour frames, Litecoin trend analysis shows that LTC had a strong start to 2021 as the price saw sharp bullish activity rising from the lows of $125 to above $160 as the price moved inside an ascending channel. The price observed a correction at the level that sent LTC to $140 before the price started rising again.

The second ascending channel had a gentler slope as LTC rose with sustainable price action. The price rose to $180 before meeting strong resistance. The price failed to close above the level and declined below. The rejection caused the price to fall below $125 as the price found support at $111.04.

Litecoin trend analysis shows that the $110 price level enabled the traders to initiate a bull rally as price entered another ascending channel that continues until today. However, this channel was wider than the previous ones showing confusion among the traders. Similarly, the channel had a lesser slope as LTC rose at a much slower pace.

Litecoin trend analysis – conclusion

Litecoin trend analysis: LTC falls below $150 as bearish pressure increases 3

Across the daily frames, Litecoin trend analysis shows that the Litecoin price has broken down from its bullish trend. The price has fallen below the support of the ascending channel as the market momentum turns bearish. The price currently trades above a support level at $110, consolidating around the $130 level as price volatility dwindles.

The technical analysis issues a slight buy signal as ten of the 28 major indicators issue buy signals while eight-issue sell signals. Meanwhile, another ten indicators remain neutral, not leaning towards either side. Cryptopolitan’s recent price prediction suggests that Litecoin will observe sideways movement at the level before breaking above the $150 level.

Source: cryptopolitan.com

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