Litecoin price analysis: LTC faces resistance at $117. Can bulls make a breakthrough?

TL;DR Breakdown

• The Litecoin price analysis shows bearish results.
• Strong support is present at $113.6.
• Resistance for LTC is present at $117.5.

The Litecoin price analysis reveals LTC price movement has again taken a bearish color today. The LTC/USD pair price has reached $116.4 at the time of writing. After yesterday’s bullish activity, LTC declined further upside as the price has decreased today after the price breakout was downwards. However, support has also appeared, and there are chances that the coin may turn bullish in the coming hours if the bullish support continues as the crypto pair has already shown steady bullish performance during the past week.

LTC/USD 1-day price chart: LTC reports a minor deficit

The 1-day price chart for Litecoin price analysis shows a decrease in price as bears covered a downwards range. The LTC/USD pair is trading hands at $116.4 at the time of writing. Overall, LTC/USD gained a value of nine percent over the course of the last seven days as the trend remained bullish most of the time, but today bears have changed the trend. However, the trading volume is up by 32 percent, resulting in market dominance of 0.43 percent.

The volatility is increasing for LTC/USD pair. The upper Bollinger band shows more divergence and is present at the $117.5 level, which is the highest resistance in the present scenario, and the lower band is present at the $96.5 level, which is the lowest support. The indicator’s average is forming at the $107 mark below the price level, which is also acting as a middle support zone for LTC.

The relative strength index (RSI) is in the upper half of the neutral zone at index 57. The RSI is again on a downwards curve today. The indicator shows selling activity in the market for LTC/USD pairs.

The Litecoin price analysis: Recent developments and further technical indications

The 4-hour price chart for Litecoin price analysis further authenticates the sinking of price levels, as the price has been observed decreasing at the start of the trading session. However, support has also appeared, and the price has been improving again for the last four hours, which is a hopeful sign for the buyers.

The volatility is increasing again on the 4-hours chart, as the Bollinger bands show expansion. The increase in volatility will provide some more upwards space to the price function as it is trading near the upper band. The RSI has already been trading in the overbought zone, at index 71, and if the buying continues, then it may improve further in the overbought region before giving a sell call.

The moving average (MA) is at the $114 level in the 4-hour chart, but the LTC price is trading above all the moving averages, which hints at the bullish move for further gains.

Litecoin price analysis: Conclusion

The Litecoin price analysis suggests the cryptocurrency is bearish but slowly turning bullish and may turn completely bullish over the day as most of the technical indications also hint at the bullish momentum. We expect LTC/USD to continue upside for the coming hours today if bulls show consistency. On the other hand, bears can takeover again if market sentiment turns negative near $17.5 resistance.

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