CryptocurrencyLitecoin (LTC)NewsPrice Analysis

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.

📰 Also read:  Crypto Markets Tumble Following Federal Reserve Rate Cut, Liquidations Hit $850M

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.

📰 Also read:  Bitcoin Adoption is on the Rise: Here Are Countries Considering a National Reserve

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

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Price Analysis November 30th, 2024 - BTC, SOL, ETH, XRP, and BNB

James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content