Bears have made a strong come back after a bullish strike. The price levels have decreased up to $173.57.
Litecoin price analysis shows support remains strong at the $168.4 level.
The Litecoin price analysis is going supportive for the bears today. More sellers are entering the market, as a result, the price levels are falling actively. The past few hours have been successful for cryptocurrency, as the bulls took the price levels to another height.
Yet, today the bears have taken advantage by lowering the coin value down to $173.57. The resistance at $179 could not be crossed as the trends took a turn and the bears took the lead.
Bulls dominate momentarily after facing defeat
The 1-day price chart showing cryptocurrency progress is going bullish today after the bulls reversed the ongoing bearish trend. Although the momentum is not that significant, the price levels have still improved vividly and have reached $174 today.
The momentum has been considerable, which is why the price value is just below the moving average (MA) value i.e. 175. The volatility seems to be on the decreasing side and is giving a positive signal for the future of cryptocurrency.
The Bollinger’s band indicator stands important in informing us about the ongoing trends, and it is displaying the following values; the upper value being $190 and the lower value being $163.1, respectively. The Relative Strength Index (RSI) score has slightly increased as well, and it has reached 54 in the last 24-hours.
Bears bring price levels down after initial rise
The 4-hours Litecoin price analysis is dictating a major drop in the price levels today. The market has faced strong pressure from the bullish side in the past week, yet today the trend is going in the favor of bears.
The bears have restored their momentum, as the price has decreased to $174 in the most recent update. It is still above the moving average value i.e. $172.21, but lower than Bollinger’s band average at $174.
The Bollinger’s bands are expanding as the upper band reaches $179 and the lower band stoops to $169 of values, in the 4-hours price chart. The RSI score is relatively at an average level i.e. 50.12 if compared to the over-bought level which is 70.
The overall trend for Litecoin price analysis has been bullish today, as more buyers had entered the market with the intention of taking price higher. This progress is being confirmed by the technical indicators chart as well, which is going bullish for the day. Out of the 26 total indicators, 10 indicators each stand at the neutral and buying positions, while the remaining six stand at the selling position.
The Moving Averages indicator is also giving us a bullish signal, with nine indicators at the buying spot, five at the selling spot, and the remaining indicator at the neutral one.
As the trends have been reversing very quickly, so has the competition been equally powerful from both sides. This is why the Oscillators are going neutral for the day, as there are nine oscillators at the neutral point, and the remaining two are present at the buying and selling points respectively.
From the above 1-day and 4-hours Litecoin price analysis, it is evident that the bears have taken charge below $173 today. The bears have been able to make a comeback, after a continuous bullish stride during the past few hours.
It is expected that the bulls will take back their lead, as the general analysis shows bulls going stronger. But if the support at $168.39 remains the same, then it is possible that the bears will gain more strength in the future.