Litecoin reverses from 20-day EMA immediately into the weekend
Over the weekend, Litecoin (LTC) reversed from its 20-day EMA after falling from its previous high of $2.79. This is a sharp reversal from its previous decline below the 20-day EMA. While this is not the first time LTC has reversed from the 20-day EMA, it is the first time it reversed so quickly.
Litecoin (LTC) has been on a wild ride the past few weeks, and has seen a great amount of praise and criticism. While LTC has been steadily making gains over the past few months, things have really grown up for the coin recently. For the past few months the Litecoin Foundation (LTCF) has been slowly bearing the brunt of the responsibility for Litecoin development, and has been suffering from an internal rift.
In the past few days, the price of Litecoin has been on quite the roller coaster ride. On the 20th of June, the Litecoin price registered a low of $145.02, before beginning a 20-day exponential moving average (EMA) that would drive the price up to $180.55 on the 19th of July. The price ascended steadily for a few days after the EMA, before dropping back down on the 21st of July for a few days, and now stands at $160.41, still well off the highs of the past month.. Read more about litecoin news and let us know what you think.
Summary of the situation
The daily chart of the Litecoin price is bearish today.
Litecoin has pulled back from its 20-day exponential moving average ($176).
The 50-day ADM is $241.
Litecoin Price Analysis: Price Overview
Litecoin fell back from its 20-day exponential moving average ($176) last night and corrected to $169 at Friday’s chart close. This allowed the bears to take control of the Litecoin price action, leading to a sharp drop to the daily low on the 4-hour chart. This gives the impression that sellers are trading above $170 and are a strong defense against an uptrend to the 20-day EMA. Today’s daily chart is bearish, with a bearish trend line already formed on the 4-hour chart, targeting the first major support at $149. A breakout below the first major resistance level of $169 has triggered a downtrend that should engulf the market over the weekend. At Friday’s close, Litecoin formed a symmetrical triangle, a signal of indecision between the bulls and the bears. However, the currency broke out of this pattern in the final hours of yesterday, after buyers gave in to mounting selling pressure.
Litecoin price movement in the last 24 hours: Greenlight for $170
Litecoin maintains a bearish structure, starting with the first major support at $149, after bouncing at the $145 price level last week. If Litecoin manages to correct its move towards the upper boundary of the descending triangle on the 5-day chart, a new bullish move could complete the chase towards $170 and signal a bullish flag. However, the situation currently needs more support from the broad market to overcome the concentration of sellers between $162 and $164. Source: TradingView LTC opened the daily chart at $163 before falling to a low supported by a daily low at $154. The market’s opening price is also a daily high, indicating overall bearish momentum for Litecoin. The daily range is moderate with a difference of at least 10 pips, indicating moderate volatility.
Litecoin price chart at 4 hours : EMA smoothing
At the time of writing, Litecoin is trading at $157 against the U.S. dollar. On the 4-hour chart, the 20-day EMA flattens out as the bulls try to recover from the cup and handle structure. A flattening of the moving average indicates a decline in the number of sales. If the bulls can develop strong momentum, the first key resistance ($169) becomes a reality and could even start a new uptrend towards the 62% FIB breakout level at $174. Source: TradingView
Litecoin Price Analysis Number: Main target at $241
For now, the 50-day simple moving average is the main target to maintain the bullish rally. The 50-day SMA stands at $241, a similarly high price target with several resistance levels below it. Litecoin price action requires a large number of buyers to bring the price to that level. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.With Litecoin (LTC) trading volume more than doubling on Friday, it seems the markets have been lingering over a major short-term reversal. At the time of writing, LTC had broken through the 20-day exponential moving average (EMA) and is now at its highest level since August, despite being below $62. At its current price, the cryptocurrency is worth more than $16 billion.. Read more about coinbase and let us know what you think.