LTC Price‌ ‌Analysis:‌ Litecoin Token Pullback Heading Towards 20-DMA Hurdle

July 23, 2021 Editor Litecoin 0

  • Litecoin token is trading on a bearish note while building a bullish engulfing candle and gradually heading towards the 20-day moving average.
  • The coin is presently trading below all vital moving averages of 20, 50, 100, and 200-day while facing strong rejection of 20-day moving averages. 
  • The pair of LTC/BTC is trading flat at 0.003664 BTC with an intraday gain of +0.94%, and the ratio of LTC/ETH is CMP at 0.05911 ETH with a loss of -1.18% 
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Litecoin token, over the monthly chart, is trading on a bearish note and now trying to recover with slight positive volume action. However, the coin is heading towards the higher levels, but the recovery needs more volume action.

The 20-day moving average is a significant hurdle on the higher side, and once the coin starts to sustain above 20-DMA will boost more buyers. However, the volume over the monthly chart is slightly lower and needs to improve in upcoming trading sessions. LTC, real strength on the higher side is only above the sustainability above 20 and 50-day moving averages. Support on the lower side is at $102 and $94, whereas resistance on the higher side is $149 and $180.

Litecoin token is trying to rebound from the lower levels 

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Over the weekly chart, Litecoin token is trying to rebound from the lower levels, and the volume is also increasing. The coin falls inside the oversold zone and is now rebound with a sharp recovery from the lower levels. Over the technical parameters, the coin is projecting a bullish trend as it reaches inside the oversold zone. Presently, LTC is trading at $117 with an intraday gain of +5.54%, and the volume to market cap ratio is at 0.1939.

Relative Strength Index (Bullish): Litecoin token RSI presently indicates a bullish or positive trend over the weekly chart. In contrast, the RSI is trying to rebound after testing the oversold zone and now heading higher CMP 56.    

Moving Average Convergence Divergence (Bullish) currently indicates a positive or bullish trend on the daily chart. This is because the buyer’s signal line (green) overlaps the seller’s line (red). 

Support levels: $102 and $94,

Resistance levels: $149 and $180.