Litecoin price is still range bound in a rectangle pattern. Yesterday it touched $185 at the top part but failed to surpass and had to back down. By touching the bottom part at $170 the downward trend stopped. Currently, Litecoin price is at $172 and is charging up for another try to break through the top.
Yesterday, it did have a brief spike due to false news about Walmart accepting Litecoin. However, after Walmart denying the news, it fell back down.
Litecoin Price Action Analysis
Taking a look at the 1-hour chart, we see LTC still inside a rectangle pattern moving between the top and bottom. Yesterday, Litecoin touched the top at $185 and today fell as low as $170 at the bottom.
Currently, Litecoin price has had support at $170 and we can expect it to make another bullish run.
For the bullish scenario, the $175 and then the $178 to $180 near the 50% Fibonacci retracement level and the SMA100 will support the price. In case of a successful breakthrough from the $180, LTC will have a chance to reach the top at $185. In that case, the $190, $195 and $200 will be the next stops for LTC.
On The other hand, if Litecoin fails to surpass $175 and $180, it will likely dip to the bottom part of the pattern. For the bearish scenario, the $170 support at the bottom part is crucial to maintain. Further decline from that point would bring the price down to $165 and $160 zone.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for LTC is on a downward movement but is turning upward
RSI: the 1-hour relative strength index is approximately 36.
Resistance levels: the first support level will be $175. Then the $180 and $185 will be next. Following that, the $190, $195 and $200 levels will follow.
Support levels: the first support for LTC is around $170. Then the $165 to $160 will be the next down the line.
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