Bulls and bears battle for control of LTC/USD market

TL;DR Breakdown

• LTC/USD is trading at $126 at the time of publication
• Litecoin price analysis confirms the downtrend.
• Support is present at $221.

The bulls have once again secured the winning seat, according to the latest Litecoin price analysis. The market has been in a strong bullish trend for the past week, boosting momentum. However, selling momentum appears to be recharging at present as the cryptocurrency’s market value dropped as low as $133.46 extreme. It has since recovered and has been trading at $142.95 as press time.

As it can be seen in the daily LTC/USD price chart, the cryptocurrency breached below our target support line on September 12th while attempting to test the $150 resistance level. The market has since established strong support near the $121 level. This is most likely because it represents previous Litecoin market cycle highs. Today’s Litecoin price analysis shows that prices are at prevalent lows, testing this important support level.

LTC/USD 1-day price chart: A price surge on the horizon?

Bulls are currently in charge of the market; that is why prices are trading above the critical support line. However, they would need to control prices to break key resistance levels at $142-$150. If bulls penetrate these areas, LTC/USD will likely test the $170 level.

Today’s Litecoin price analysis shows that prices are at prevalent lows, testing this important support level. If the market trades below the critical support line, it will likely continue its downward trend to test lower support at the $121 level. Conversely, if the bulls manage to bag the seat once more, the cryptocurrency will likely continue its upward trend.

Today’s Litecoin price analysis shows that prices are at prevalent lows, testing this important support level. If the market trades below the critical support line, it will likely continue its downward trend to test lower support at the $121 level. Conversely, if the bulls manage to bag the seat once more, the cryptocurrency will likely continue its upward trend.

LTC has been in a strong bullish trend for the past week, boosting momentum. As seen in the daily LTC/USD chart, the cryptocurrency breached below our target support line while attempting to test the $150 resistance level. The market has since established strong support near the $120 level. This is most likely because it represents previous Litecoin market cycle highs. TODAY, the LTC price analysis shows that prices are at prevalent lows, testing this important support level.

LTC/USD 4-hour price chart: Bulls retrieve coin value up to $133.44 bar

As seen in the 4-hour price chart, LTC broke below the support level today. However, prices retraced to $133.44 bar level at the same time. This is an extremely pivotal zone determining if LTC will drop or continue its upward trend. If bulls manage to break above this zone and maintain market control, LTC will likely surge towards $150 and possibly try to break above it. The bulls will continue the upward price correction with high momentum if this happens.

The MACD and RSI, the MACD at press time, show that bears control the market. However, the cryptocurrency’s RSI is heading upwards, suggesting that bulls have the momentum to break above key resistance levels.

The DMI on the LTC/USD 4-hour chart shows that bullish momentum is present in the market. As can be seen, bulls are still in control of Litecoin with their upward trendline dominating. However, when analyzing this time frame, it seems that the coin is currently testing this trendline. LTC/USD will likely continue its upward price correction with high momentum if bulls manage to break above it.

Litecoin price analysis: Conclusion

Our Litecoin price analysis forecast is bullish at the end of this month, showing that prices will most likely break above key resistance levels at $142-$150. We expect LTC to reach our long-term target at $170.

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.