Bears may exert more pressure on Litecoin Market
When there is an increase in the buyers’ pressure, Litecoin may increase to break up $80 level and expose the price to $83 and $90 psychological resistance levels. The price may decrease to $66 and $60 levels provided the support level of $70 does not hold.
Litecoin Price Analysis – 04 December
Resistance levels: $80, $83, $90
Support levels: $70, $66, $60
LTCUSD Long-term Trend: Bullish
Litecoin is on a bullish movement in the daily chart. The Bulls prevailed over the bears after a long period of ranging movement on 02 November. The buyers pushed the price to the resistance level of $70 on 05 November. The price pulled back to retest the support level of $48 with strong bearish momentum. Buyers reacted against the bearish movement and the price increased and tested the $83 resistance level on 23 November. It pulled back to retest the $70 levels. At the moment, the price is ranging within $80 and $70 levels.
Litecoin price is trading above the 9-periods EMA and 21-periods EMA at close contact which indicates a weak increase in the bulls’ momentum. The relative strength index period 14 is at 60 levels with the signal line pointing downside indicating a sell signal. When there is an increase in the buyers’ pressure, the price may increase to break up the $80 level and expose the price to $83 and $90 psychological resistance levels. The price may decrease to $66 and $60 levels provided the support level of $70 does not hold.
LTCUSD Medium-term Trend: Ranging
Litecoin is on the ranging movement in the medium-term outlook. The buyer’s influx the market at the support level of $48 when the sellers lose their momentum at the mentioned level. More bullish candles were produced and the former resistance levels of $66 and $70 turns to support levels. The buyers’ pressure push the coin to the resistance level of $80 on November 23 and pulled back to retest the support level of $70 where ranging movement commences.
The 9-periods EMA is interlocked with the 21-period EMA to indicate that ranging movement is ongoing. The Relative Strength Index period 14 is at 47 levels and the signal line is parallel to the level which indicates that ranging movement is ongoing. Sellers are opposing the price increase in the Litecoin market whereas buyers are prevailing all the day in IMPT market.
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