LTC price research shows that the currency is in a bullish position, as evidenced by having touched $153. LTC is attempting to break past $153 as it advances into the $156 zone, but selling pressure forces a retracement to $153, and LTC will have to retrace before attempting to break over the $155 barrier. As shown by the Stochastic RSI, I anticipate a reversal near $153, implying that the coin will likely retrace before attempting to break through $155 once more.
I’ve been trying to purchase between $140 and $150 since it’s been successful in the past, and this is exhibiting signals of more increase today, maybe into the next barrier at approximately $170. LTC prices are currently on a positive trend. To begin with, since midnight UTC yesterday, Litecoin has been trading above its 20-day SMA. Despite breaching below it many times during the day, the currency has yet to collapse. In addition, LTC/USD is still trading over $150, indicating positive pressure. This may be observed on the LTC/USD hourly chart.
Bulls have kept the price near $150 on the LTC/USD 1-day price chart
Today, the second Litecoin strength has repeatedly broken over its 100 hours and 50-hour SMAs. First, it attempted to break through $153 but fell back down after selling pressure from traders who had bought it at $152 – buyers quickly exited their positions, possibly because they thought they were already too high, lowering the price even further to $153, where it found support, before continuing to test resistance at $156 with multiple successful penetrations.
I predict another effort to exceed $153 before the price of Litecoin drops, and I expect it will succeed this time. LTC/USD is now trading at $153 at writing. The Stochastic RSI has just reached the overbought level, indicating that there is a good risk that LTC may plummet back down, potentially below $150, if selling pressure increases. Regarding where I’m seeking to get in, I’ve opted to go long on Litecoin between $140 and $150 since it appears like it might go much higher than $170 depending on market mood and other things. Therefore I’m advising purchasing now with a risk-reward ratio of 200 percent.
If the Stochastic RSI re-enters the oversold level shortly, it will be a clear indication that bullish pressure has waned, implying that LTC/USD will likely go below $150. Looking at the chart, it appears that purchasing now would be a smart idea since I predict a push to $153 before Litecoin goes both ways again.
Analysis of the Litecoin price: Recent changes and other technical indicators
The present upward trend in Lite’s price is expected to continue, according to the 4-hour chart. The coin dipped somewhat in the second part of the previous trading session, but it had recovered and was gaining momentum by the end. However, given the market is finally correcting, there was considerable selling pressure in the final four hours. As a result, a $149 MA value can be found below the price level on the 4-hour chart.
The Bollinger bands keep their extreme ends in a close range, limiting price volatility. The top band is seen at $156, and the lower band is visible at $143, indicating the support level for the LTC/USD pair. Due to selling activity during the preceding four hours, the RSI curve has decreased to index 57.
Today’s Litecoin price analysis is negative, with the price hovering around $150 and nearing the psychological barrier. Still, there has been selling pressure in the previous four hours, which is to be expected given that it is also a resistance level for the coin. We predict LTC to break over $153 after a few more hours of correction today.