Litecoin price managed to reach $185 thanks to a strong bullish trend starting on August 19. Yesterday however, the trend lost momentum and the price came down to $177. At that point, the price started a new upward trend and successfully reached $189 by surpassing the $184 resistance level. As of now, the bullish trend for Litecoin price has lost momentum and is around $188.
Litecoin Price Action Analysis
Taking a look at the 1-hour chart, we see Litecoin price in a triangle with the top part at $184 and the bottom at $177. Fortunately, it managed to escape from the top part today at $184. And so Litecoin price climbed all the way to $189 with a strong upward trend.
Currently, Litecoin price is facing a notable resistance level in the $189 to $190 zone near the downward trendline. In case it surpassed this level, we can expect it to shoot for $195 and even $200.
On the other hand, if Litecoin price fails to surpass $189 to $190 zone, there could be a price correction. For the bearish scenario, the $186 near the 23.6% Fibonacci retracement level will be the first support level. Then the $184 to $183 zone near the 50% Fibonacci retracement will be the next one. Following that, the broken trendline near the $182 will support the price. We expect Litecoin price to pivot upwards by reaching these levels but in case it fails, we should expect further decline.
For the decline, the $180 to $178 zone and the $176 to $175 zone near the SMA100 will support Litecoin price.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for LTC is on an upward momentum.
RSI: the 1-hour relative strength index is approximately 68.
Resistance levels: the first support level will be $189 to $190 zone. Then the $195 will be next. Following that, the $200 level will follow.
Support levels: the first support for LTC is around $186. Then the $184 to $183 will be the next down the line. Following that, we will have $180 to $178 zone and then the $176 to $175 zone. If you are looking to exchange your Litecoin into Webmoney, Perfect money or PayPal, hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to follow our latest opinion articles, technical analysis and news, stay right here.
