LTC Technical Analysis: High Market Momentum, Can Be a Little Bearish Today

Ankita  |  Oct 28, 2021

Litecoin leverages the unique performance of blockchain technology to provide a fast, secure, and low cost-payment system. Litecoin aims to provide faster solutions and charge the lowest fee for all the services. It is considered one of the best options for point of sale solutions. Let us look at the technical analysis of LTC.

Past Performance of Litecoin

On October 21, 2021, LTC started trading at $207.30. As of October 27, 2021, the closing price of LTC was $179.71. Thus, in the past seven days, LTC tanked by almost 13%. Meanwhile, LTC has traded between $174.36-$204.05 in the last 24 hours.

TradingView Chart

LTC Technical Analysis  

At the time of press, LTC is trading at $182.32. It is down by approximately 10.23% from the days’ opening price. Indicating high selling pressure. Therefore, the market momentum seems bearish for the day.

Also, on the daily chart, the MACD and signal lines are trading above the zero range. Moreover, a bearish crossover by the MACD line over the line can be seen. Thus, indicating that the price will fall for some time.

However, the lines are near to the zero range. Trend reversal might be on the verge. Therefore, we have to wait and watch if the bulls get active and the buying pressure takes on the selling pressure. In that case, we see a bullish crossover and the LTC price can break its resistance level at $183.45.

The RSI indicator is at 50.8%, which has fallen after resisting the mark of 70%.  Which has acted as very strong resistance in the past as well. Now it has made a 48.8% mark as a support level. Thus, if the sellers remain strong for the rest of the day, it will break the support level and can enter the oversold zone. Hence, we can expect the price to fall for some time.

Day-Ahead and Tomorrow

LTC is currently trading below the pivot level of $191.04. As the indicators are showing high selling pressure, we can expect the price to fall and take support of the Fibonacci level of $177.14. If it breaks down from this level, traders can take a short position with a target of $166.58.

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