Litecoin price failed to break through the $157 resistance level and went for a price correction. By losing the support levels at $152, $150 and $145, it had back down. At that point, Litecoin price gained support and managed to climb to $148. However, it yet again failed to surpass and at the time of writing this article it is around $147.
Litecoin Price Action Analysis
Taking a look at the 1-hour chart, we see LTC failing to break through the top of the price channel and by hitting $157 it had to back down. During the decline, LTC lost the support at the bottom of the channel at $152 and the downward trend gained momentum. Subsequently, the $150 and $148 support levels were lost and today Litecoin price fell down to $145 to $146 zone.
By hitting the upward trendline, the bearish trend stopped, giving LTC another chance to turn bullish.
Currently, Litecoin price is inside a falling wedge with the bottom part supporting the price. The $145 to $144 zone is providing support at the bottom. In case of providing good support, we should expect Litecoin price to try to break through the top with another effort.
For the bullish scenario, the first resistance level will be the $148. Following that, the $150 to $152 zone will be next. Then we expect $155, and the $157 to $158 zone to pave the way for reaching $160.
On the other hand, if Litecoin price fails to surpass $148 and $150, and loses the support at the bottom of the wedge, further decrease will follow.
For the bearish scenario, the $142 and $140 will support the price.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for LTC is on a downward momentum but has lost strength.
RSI: the 1-hour relative strength index is approximately 42.
Resistance levels: the first support level will be $148. Then the $150 to $152 zone will be next. Following that, the $155 and then $157 to $158 zone will be followed.
Support levels: the first support for LTC is around $145 to $144 zone. Then the $142 to $140 will be the next down the line.
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