Litecoin Price Analysis: LTC Price May Halt In Consolidation Zone

Litecoin bears and bulls are resting in the current market scenario

  • Litecoin Price is currently travelling in a supply zone with an overall loss of 2.26% in the intraday session.
  • LTC indicators showcase a consolidated move with a hint of bearish momentum. Meanwhile, LTC/BTC pair is seeing a loss of 1.23%. 
Source:Tradingview

Litecoin price is currently at $198.6 with an intraday loss of 2.52%. On the upward side LTC price will face major resistance at the value of $230, and on the downside, it can face a bounce back from $190. LTC is trading below 50 MA and above 100 MA. It has given a negative crossover on the 50 MA chart. After the negative crossover, Litecoin is under bear’s grip while making the investor lose 5.65% in three days. The LTC/BTC pair is currently stagnated with an intraday loss of 1.18% and currently showing some strength for recovery.

Litecoin is currently ranked at 9 in the crypto-verse with a market capitalization of $16,681,918,847.The 24-hour trading volume of ($4,409,393,129) went down by 26.41%

Technical Indicators Hints A Consolidated Momentum For LTC Price

Source:Tradingview

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Litecoin weekly chart shows negative momentum. While coming on to the shorter time frame of 4hrs, it has formed a supply zone. Litecoin price might reach $250 if it crosses the  channel. If LTC breaks down below the  channel, then one should wait for the price action to do its work. It has formed a Doji pattern in the previous trading session showcasing a doubtful situation among the investors.

The volume indicator on the 4hr chart is at 8.89K, indicating a sell signal with lower strength. It can see a rise in buying if it breaks above the channel.

RSI(Neutral): It is currently trailing at the value of 42.51, showcasing its presence in the overbought zone. There is no slope formed in the RSI, highlighting that LTC price will trail inside the consolidation zone before reaching the new high. The overall sentiment of RSI is neutral.

CONCLUSION

Litecoin has great potential with a great team. LTC has given great to the investors and can do the same in the future. LTC is in downtrend for a short while and can reverse its position soon. Investors should do their due diligence before investing.

Technical Levels

Major Support:$190

Major Resistance:$230

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