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Litecoin price analysis: Bulls and bears fight for dominance in the LTC/USD market

  • At the time of writing, LTC/USD was trading at $126.
  • The examination of the Litecoin price supports the downward trend.
  • Support is available for $221.

According to the most recent Litecoin price research, the bulls have reclaimed the lead. For the past week, the market has been in a strong positive trend, which has increased momentum. However, the selling trend looks to be reviving now, with the cryptocurrency’s market value falling as low as $133.46. It has now rebounded and was trading at $142.95 at publication.

The cryptocurrency breached below our target support line on September 12th, as seen in the daily LTC/USD price chart, while attempting to test the $150 resistance level. Since then, the market has found firm support at the $121 level. This is most likely due to prior Litecoin market cycle highs. According to today’s Litecoin price research, prices are at all-time lows, challenging this critical support level.

LTC/USD 1-day price chart: Is there a price increase on the horizon?

Bulls now dominate the market, so prices are trading above the important support line. However, they would need to keep prices under control to break through major resistance levels around $142-$150. If bulls break through these resistance levels, LTC/USD will most certainly challenge the $170 level.

According to today’s Litecoin price research, prices are at all-time lows, challenging this critical support level. If the market trades below the important support line, it will likely continue to fall, testing lower support at $121. On the other hand, the bulls reclaim the seat. As a result, the cryptocurrency is expected to continue its upward rise.

Litecoin price analysis: Bulls and bears battle for control of LTC/USD market 1
LTC/USD 1-day price chart. Source: TradingView

According to today’s Litecoin price research, prices are at all-time lows, challenging this critical support level. If the market trades below the important support line, it will likely continue to fall, testing lower support at $121. On the other hand, the bulls reclaim the seat. As a result, the cryptocurrency is expected to continue its upward rise.

LTC has been in a strong bullish trend for the previous week, gaining momentum. First, the cryptocurrency breached below our target support line while testing the $150 resistance level, as seen in the daily LTC/USD chart. Since then, the market has found firm support at the $120 level. This is most likely due to prior Litecoin market cycle highs. TODAY, the LTC price analysis reveals that prices are at all-time lows, challenging this critical support level.

LTC/USD 4-hour chart: Bulls reclaim currency value up to $133.44 bar

LTC fell below the support level today, as seen in the 4-hour price chart. Prices, however, were retraced to the $133.44 bar level at the same time. This is a critical zone for determining whether LTC will fall or rise. If bulls can break above this zone and hold market dominance, LTC will most certainly rise towards $150 and maybe attempt to break above it. If this occurs, the bulls will maintain a strong upward price correction.

Litecoin price analysis: Bulls and bears battle for control of LTC/USD market 2
LTC/USD 4-hour price chart. Source: TradingView

The MACD and RSI, with the MACD at press time, indicate that bears are in charge of the market. On the other hand, the cryptocurrency’s RSI is rising, indicating that bulls have the impetus to break through major resistance levels.

The DMI on the LTC/USD 4-hour chart indicates that the market is experiencing positive momentum. As can be seen, bulls continue to dominate Litecoin, with their upward trendline prevailing. However, when looking at this time frame, it appears that the currency is now challenging this trendline. If bulls manage to break above it, LTC/USD will likely continue its upward price correction with significant momentum.

Analysis of the Litecoin price: Conclusion

Our Litecoin price analysis projection for the end of the month is positive, indicating that prices will most likely break above critical resistance levels of $142-$150. We anticipate that LTC will reach our long-term objective of $170.

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