Litecoin price analysis: Bulls try to bounce back above $183 after substantial damage

TL;DR Breakdown

• Litecoin price analysis shows bulls are trying hard to recover after a massive loss.
• The price chart shows slow recovery above $183 today.
• Bullish momentum increases the resistance level to $189.19.

The Litecoin price analysis shows a considerable improvement in the price levels. The chances are available for the traders to hit the market and take the price level even above $183.19. The past few hours have been critical for coin value as the bearish momentum has been huge and overpowering. Yet, today the tides have turned and the bulls are slowly rising back.

LTC/USD 1-day price chart: more opportunities for buyers as LTC past $185 again

The 1-day chart showing cryptocurrency progress is showing a promising sign for the bulls. The bulls have been successful enough to win back their lead after a slight clash with the bears previously. The price is currently set at $183.04, and as the momentum will intensify it is much likely to go even higher. The moving average (MA) indicator is below the price rate i.e. at $178.1 as the bullish momentum has been considerable.

The volatility is also increasing which is a negative indication for the bulls, with the upper Bollinger band reaching $196.6 and the lower band reaching $136.71. The Relative Strength Index (RSI) score on the other hand is also encouraging as it is at a high score of 64.21.

Litecoin price analysis: Bulls overcome bearish momentum by ascending on the scale

The 4-hours LTC/USD chart is currently going supportive for the bulls, after a huge loss in price in the past hours. The momentum has taken the price levels to $183.19, which is not too high but still a great effort from the bulls. The moving average is $182.66 which is below today’s price level, a strong bullish indication. The Bollinger bands are displaying the following figures; the upper Bollinger band is present at $189.19 while the lower band is present at $171.24, respectively.

The trending line is going in the favor of the bulls, yet there is a strong chance of a drop in price in the upcoming weeks. The RSI score is 55.04 which is a very neutral and average number, and the price can go to any extreme from here.

The overall trend is slightly towards the bullish side, as the past week has seen a greater number of green candlesticks on the chart. The technical indicators chart is showing us that a total of 15 indicators are present on the buying side, 10 at the neutral, and only one on the selling side.

Moreover, the Moving Averages indicator is going strongly bullish, as the past trends have been highly bullish in nature. There are 13 indicators at the buying position, and one indicator is present on the selling and buying positions each. The Oscillators are showing a similar trend, with nine oscillators standing neutral, two on the buying side, and none at the selling position.

Litecoin price analysis conclusion

From the above 1-day and 4-hours Litecoin price analysis, we can see that the bulls are putting in their efforts to fight back the bearish momentum. The price levels have reached $183.19 in height, which is a great achievement for the bulls. The resistance level at $189.19 can only be crossed if the price levels continue to climb up. The strong support at $171.24 can help cryptocurrency to successfully secure a new high.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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