- LTC rescued the gains in the last session and showed strength.
- Bulls reverted from the lower trendline by taking support on it.
Litecoin price is willing to attain a 200-day EMA to fetch neutral marks and obtain a fresh, positive outlook. Moreover, the recent consecutive buying from the lower trendline shows buyers are attentive near the demand zone and succeeding in accumulating the coin.
Litecoin showed a bounce near its support zone of $80.00, but buyers persisted in holding the price near support levels. LTC slips below the significant moving averages and tries to claim a 200-day EMA to attain neutrality. However, the chart shows a head and shoulders pattern, which leads to bearishness in the coin from the supply zone of $90.00. The pattern’s neckline is at $85.00, below that range, sellers activate the muscles, and bulls weaken.
However, LTC is folding the gains in the last few days, and sellers have shown their aggressive muscles. The price action shows that the token cannot hold near the significant MA’s mark and broke the support mark of $90 in the recent trading session.
When writing. LTC is trading at $81.00 with a slight gain of 0.60%. Moreover, the pair of LTC/BTC is at 0.0030 satoshis. The intraday trading volume surged by 2.54%, which shows lower interest from investors.
Daily Charts Shows Head and Shoulders Pattern
On the daily chart, LTC shows a head and shoulders pattern, which led to the selling of the LTC coin. After being rejected from the foremost hurdle of $90.00, the LTC coin indicates that the trend is dragged towards bearishness.
Furthermore, after the breakdown, the price returned towards the support of $80.00 and tried to bounce to attain a 20-day EMA, giving positive reactions for the long journey onwards.
Moreover, LTC slips below the pennant pattern and shows weakness on charts resulting in price correction. Bulls are getting involved in the last trading session showing consecutive gains for three sessions.
Short Term Charts Shows Longs Unwinding
On the short-term chart, the LTC coin shows volatile moves while breakdown from the supply zone and reversal with a bounce to fetch a 20-day EMA. Moreover, the price action shows buyers trying to regain the momentum they lost in the past weeks.
LTC coin price has managed to sustain near the congestion zone of $80. However, the LTC coin rejects from the supply zone. The RSI curve shows a positive crossover and stays near 50, while the MACD curve still forms green bars and shows bullishness.
Conclusion:
Litecoin shows a rebound from the demand zone of $80 and offers a positive outlook based on the recent move in the last trading session.
Technical Levels
Support Levels:$75 and $80
Resistance levels: $90
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.