Litecoin (LTC) Price Analysis – August 9
Despite the fact that some range-bound trading occurs, LTC/USD stays under bearish pressure following a strong sell-off from August 5 high.
Resistance levels: $110, $115, $120
Support levels: $75, $70, $65
At the time of writing this article, LTC/USD is changing hands at $88.93. Despite some range-bound trading, the coin remains under downward pressure after a strong sell from the August 5th high. LTC/USD recovered from the low of $87.68 reached during the day; however, it remains nearly 3% down from day-to-day.
On the daily chart, LTC/USD is supported by psychological $85. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the recent daily low of $80 after crossing below the 21-day moving average. The next bearish target awaits us on approach to $75 support level.
On the upside, the initial recovery is limited by $110 above the 21-day moving average located on approach. We will need to see a sustainable move above this handle for the upside to gain traction towards $115 and $120 resistance levels. The MACD indicator shows decreasing bullish momentum.
Comparing with Bitcoin, Litecoin continues to trend bearishly as the demand further outweighs the supply. For a trend reversal, there’s a need for an increasing volume and supply to cause an upsurge in the market. Now, the token is trading below the 7,499 SAT. We can expect close support at the 7,000 SAT before breaking to 6,000 SAT and potentially 5,500 SAT support.
Currently, there’s no sign of bullish move for the LTC market. However, if a bullish move occurs and validates a break significantly above the 21-day MA to hit the nearest resistance at 1,000 SAT; we can then confirm a bull-run for the LTC/BTC pair. For now, the closest resistance lies at 8,500 SAT and 9,000 SAT. Still, the Litecoin market is bearishly dominant on the long-term perspective. The MACD indicator shows increasing bearish momentum.
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