LTC’s Concealed Bearish Divergence Shows Possible Lows This Week
Unlike most top cryptos, Litecoin (LTC) has failed to rally past its June 21 peaks of $197.8. However, some analysts believe the break past July resistance at $148.1 is enough to annul its correction phase. Meanwhile, investors have to reconsider the bottom 4hr time-frame for the dominant directional bias.
LTC/USD experienced bearishness around the four-hour time frame after showcasing a concealed bearish divergence on September 16. That development might see the token suffering 24% downswings. That means bears dominating in the coming sessions.
Keep in mind that the asset recorded bullish divergences on September 22 and September 26. However, bulls lost power, failing to overcome the prevailing selling pressure. The concealed bearish divergence on September 27 indicates that LTC might suffer lower prices in the coming sessions.
While writing this content, LTC appears to rise gradually. The Relative Strength Index (RSI) nears the 75-level. With that, market players may expect a price dip that might exceed the latest support zone at $139.7. However, if Litecoin gains past the bearish resistance, investors can witness a bullish revival.
Meanwhile, the overall market seems on the recovery road with mixed actions. Coinmarketcap data indicates the overall crypto market cap increased by almost 2.71% to hover at $1.92 trillion in the past day. Bitcoin, the dominant crypto, noted slight upticks, trading beyond $43,000 with its 2% surge in a day.
The altcoin market saw some assets recording impressive actions as well. Ethereum gained nearly 3% to near its psychological point at $3,000. Binance Coin surged more than 9% to hit $382, while DOT increased 0.3% to stand at $28. XRP (+0.7%) and DOGE (+0.7%) noted upticks since yesterday.
If the overall crypto space maintains sustained gains, traders can expect Litecoin to recover from its dominating weakness. Also, platform developments can see LTC attracting more investors to rescue Litecoin from the anticipated plunges. The recent crypto clampdown by China appears to weigh on the altcoin market. For now, Litecoin might suffer plummets in the upcoming sessions.
LTC Intraday Level
- Spot rate – $148.3
- Mid-term trend – Bearish outlook
- Volatility – low
- Support level – $139.7
- Resistance levels – $154.9, $166.6 and $193
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