Litecoin price analysis: LTC/USD battered bulls yearn for support, selling pressure still looms

Litecoin price extended declines, down over 2% on Friday.
The UK Central Bank Governor, Mark Carney says he is open to virtual currencies.

John Isige FXStreet

Litecoin price is correcting lower and is down over 2% on the day as we head into the weekend trading sessions. The crypto is trading within the confines of the contracting triangle with the upside currently capped below $125.

The trend indicators are showing signs of recovery, although LTC/USD is still trading below $120. The gap between the 50 and the 100 Simple Moving Averages is reducing signalling that the path of least resistance is to the upside. The descending trend line coincides with the 50 SMA which means that the target is at $140, but first, the bulls must overcome the growing resistance at $125 and $130 levels.

The buyers are seeking support above $120, although the MACD momentum indicator is still in the negative territory. Besides, the RSI is ranging slightly above the oversold levels. The buyers are lacking enough momentum to push the price higher and Litecoin price could close the trading on Friday while still locked within the contracting triangle. The short-term support is at $117, but $115 will work as a major support area in the event of extended downside movement.

In the latest news related to the cryptocurrency market, the UK Central Bank Governor, Mark Carney has today said that he is open about virtual currencies. He said this in Stockholm on a panel that was discussing "The future of central banking"

LTC/USD 4-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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