Litecoin price analysis: a high-level look at the market

The sellers were in command at the start of the daily Litecoin price chart. Five minutes later, at the low end of the day’s trading, the bulls established a strong foundation at $170. As a result, prices rose, forming head and shoulders patterns, reaching the intraday highs of $185 set by sellers.

The sellers built a significant barrier, making it tough for the bulls to overcome. As a consequence of the strong selling resistance, the bears were able to control the LTC/USD market, resulting in significant price declines.

The LTC/USD conversion rate was $174 at the time of writing. LTC dropped gradually for the rest of the day, even though its total value climbed yesterday due to all of the positive actions in the previous days. Despite this, bears ruled the LTC market unchallenged until the conclusion of the day.

LTC/USD is currently in a bear market, with prices down 16 percent. For traders who have yet to invest in cryptocurrencies, this should be excellent news. Now is a perfect moment to invest your fiat cash in the cryptocurrency market. Not everyone can afford to invest in cryptocurrency, but if you can, you should.

LTC/USD 4-hours analysis: LTC is set to retest $170 resistance

On the daily price chart, the Bollinger bands are narrow, indicating a somewhat volatile market. However, the LTC/USD pair is approaching the upper Bollinger band, signaling that bulls control the market.

Litecoin Price Analysis: LTC pulled from $176 to $165 major resistance 1
Source: Tradingview

Conclusion

The Bollinger bands look thin on the daily price analysis chart, indicating a calm turbulent market. However, for the LINK/USD pair, the top Bollinger band is approaching. This means that when the market enters the overbought territory, the bulls’ drive becomes more powerful. As a result, we predict the value of the cryptocurrency will rise in the next 24 hours.

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