LTC/USD Price Settles in the Midrange of the Market

 The bulls market had an upside break out from the $54.7 price level. The price of Litecoin continues to appreciate until it gets to $70. There it encountered strong resistance. So, most traders sell their holdings at this point. These massive selling activities made the price fall to around $50. So $50 becomes the support level for the massive bullish run that followed the bearish run. As the bulls market takes the price to a new height, buyers now need to deal with the new lower resistance at $60.

Litecoin Market Price Statistic:

• LTC/USD price now: $59
• LTC/USD market cap: $4,334,603,017
• LTC/USD circulating supply:71,633,256.23
• LTC/USD total supply: 84,000,000
• LTC/USD coin market ranking: #17

Key Levels

• Resistance: $65, $70, $75
• Support: $55, $ 50, $ 45

Litecoin Market Price Analysis: The Indicators’ Point of View

 So far, the bulls have been able to recover half of the bearish price. Bearish resistance at the $60 price level made it difficult for them to continue their upward push of the price. Bulls now seek support near the $60 price level. The recent bearish and bullish moves in the market made the bands of the Bollinger indicator widen due to an increase in the volume of trade. But because the bull recovers half of the bearish price, the market settles at the point of equilibrium. This makes the price channel formed by the Bollinger band moves sideways. The RSI is in support of this sentiment as the momentum of the market according to the RSI line now measures 53. 

LTC/USD 4-Hour Chart Outlook

The Bollinger bands are rather narrow from this point of view. And as the price action gets closer to the $60 resistance level, not much of a response can be noticed from the upper band of the Bollinger indicator. This is the result of the strong bearish resistance. Although today’s market was dominated by the bulls, they fail to capture the $60 price level. The market may go into a consolidation period around the $60 price. 

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