- Litecoin Price is apparently consolidating at crucial levels, the next move might surprise everyone.
- LTC bulls and bears have almost equal chance to pull the trigger.
- LTC/BTC is currently trading at 0.003762 BTC with an intraday change of -1.05% while LTC/ETH is trading at 0.05240 ETH with an intraday change of -1.00%
Litecoin Price is seemingly consolidating between the 200 and the 50 day moving averages. The price of Litecoin is below the 200 day moving average and above the 500 and 100 day moving average. The 50 day moving average is acting as an immediate support in the current scenario. The Bulls will try hard to sustain above the 50 day moving average and break the 200 day MA and the alternate will be the job of the bears. Where will perhaps the price head? Let’s find out what the indicators have to say!
The Relative Strength Index (RSI) is just close and above the normal zone where we can see a type of consolidation looking at the RSI formation. The RSI has recently made a slight bounce from below the normal zone indicating bulls defending the breach of the 50 day moving average. But how long can the bulls defend is the question!
The Moving Average Convergence Divergence (MACD) is suggesting a bearish momentum with both the MACD line and the signal line approaching towards the zero line. The MACD line is below the Signal line meaning the bears are gaining momentum. We might see both the MACD and the Signal line below the zero line in the near future taking the price of Litecoin further down.
The Fibonacci indicator is suggesting an immediate support at the $169.2 price level with $154 level being another crucial support to watch out for. The resistance levels indicated by the Fibonacci are in $185 and the $205 price levels.
NOTE: The Moving Average 50, 100 and 200 are in colour Yellow, White and Red respectively.
The MACD line is coloured Blue and the Signal line is coloured Red.
The important support and resistance levels are:
SUPPORT: $169.2, $154
RESISTANCE: $185, $205
TAKEAWAY: Considering the technicals mentioned above, we might see a plunge in the price of Litecoin in the near future where the support mentioned above will be crucial.