Litecoin (LTC) Price Analysis – July 15
The LTC/USD has recovered above the lows of the day, but the rise remains slow. A sustainable movement above the $100 resistance level is needed to stimulate recovery.
Resistance levels: $130, $135, $140
Support levels: $65, $60, $55
Litecoin bottomed out at $85.12 and managed to recover towards $92.03 by the time of writing. However, the fourth largest digital asset is still down nearly 13% on a day-on-day basis and -2.2% since the beginning of the day. LTC / USD is stuck in the short-term downtrend against rising volatility, synchronizing with the rest of the market.
Moreover, Litecoin bears managed to push the price well below a critical $100 level at the lower boundary of the Bollinger Bands under the 50-day MA. To follow the MACD signal, a possible downward swing is likely to meet the support at $65, $60 and $55 levels. On the upside, a sustainable recovery above $100 which could advance the coin to a high of $130, $135 and $140 resistance levels are needed to mitigate immediate bearish pressure.
Against Bitcoin, Litecoin price is moving down slowly below the 50-day moving average and at the lower limit of the Bollinger bands indicator; the bulls continue to dance to the tune of the bears and currently trading at the 0.0084BTC level. At the moment, the buyers are still suffering a serious downtrend pressure from the sellers.
However, the nearest key supports lie at 0.038BTC, 0.036BTC and 0.034BTC in a subsequent move. Similarly, an upward movement above the channel is likely to find immediate resistance at 0.014BTC and above. Meanwhile, the MACD is convincingly at the negative zone and as it stands now, the bears are gaining control of the market.
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