A record for the new low of the year is LTC/USD’s downtrend to $150.73, this week. Preceding this accelerated decline a record of 30-day high of about $231.33 was hit on September 7 by Litecoin, before experiencing a severe sell-off in the weeks that followed.
Litecoin’s price later increased to $189 during a consolidation period, bringing a total market value regarding the project to nearly $1 billion.
Since then, the currency has observed a remarkable selling in the market, sending it back to $160.27 as of this writing.
Red lines have overshadowed recent trading sessions between 24-hours on the chart of Litecoin price activity, serving as a confirmation of the bearish outlook.
The Relative Strength Index (RSI) is at a lamentable low 39, indicating the absence of buyer interest in the currency.
Currently, the expectation of the price rising anytime soon is little. If price can prevent any additional selling and maintain above $160 support, a consolidation there might be the best possible outcome for LTC.
The 4-hour chart of LTC/USD: A reverse from the $165 support by LTC?
On the 4-hour chart, one can see that the Litecoin price is making a progress to reverse higher as the $165 support level has dispensed strong resistance.
The price of Litecoin has risen by over 80% from the previous swing low of $105. However, supplementary advances were unable to be made during the last weekend, with only a moderately higher high set.
A correction to Litecoin price to $230 after it reached $250, where it found support. The former resistance point, around $165, was achieved on Monday and has dispensed solid protection thus far.
In all, unless the $165 support line breaks, the expectance of LTC/USD to reverse over the weekend and resume its path to the $190 major resistance is still certain. The next objective for Litecoin to break is $200 once the $190 has been broken.
Litecoin price conclusion
The Litecoin price is on the rise today, as investors continue to trust in the $165 support after a severe sell-off last week. Consequential, we believe that bears are spent, and LTC/USD will search to regain some of its depressing losses in the next 24 hours.
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