• Litecoin price is faced with tough headwinds as the bulls hope to conquer $190.
  • The 200 four-hour SMA has acted as stiff resistance for LTC since mid-September.
  • Only a break above $174.50 would see Litecoin price tag the upper boundary of the governing technical pattern.

Litecoin price has one last obstacle in its path before it can aim higher at $190. The strength of the resistance ahead may hinder a potential LTC rally if the altcoin fails to slice above a key technical indicator.

Litecoin price at pivotal point 

Litecoin price is swaying within an ascending parallel channel on the 4-hour chart as it continues to trend higher. LTC is now faced with the one last, tough hurdle that has restricted the altcoin from further growth since September 19. 

If the governing technical pattern is robust, Litecoin price would aim to tag the upper boundary of the parallel channel at $190. However, it has a sturdy roadblock to tackle before the bullish target can be realized. 

The 200 four-hour Simple Moving Average (SMA) is acting as stiff resistance for Litecoin price at $174.50, coinciding with the breakout line given by the Momentum Reversal Indicator (MRI). Only if the bulls are able to break above this level would LTC rally toward the topside trend line of the prevailing chart pattern.

Following the aforementioned resistance level, Litecoin price could face further headwinds at the 61.8% Fibonacci retracement level at $183.60.

The Arms Index (TRIN) indicator, which gauges overall market sentiment, suggests that there are more buyers in the market than sellers. However, buying pressure must also increase in order for the bulls to reach the optimistic target.

LTCUSDT

LTC/USDT 4-hour chart

On the flip side, should the bears take charge, Litecoin price would discover immediate support at the 20 four-hour SMA, which corresponds to the lower boundary of the parallel channel as well as the 50% Fibonacci retracement level at $168.40. This area should act as a strong foothold for LTC unless further selling pressure emerges.

If a spike in sell orders unfolds, Litecoin price may fall further toward $163.20, where the support line given by the MRI sits. If LTC continues to suffer from the strength of the bears, the altcoin could drop toward the 50 and 100 four-hour SMAs at $160.30 and $158.30, respectively.

Additional support will emerge at the 38.2% Fibonacci retracement level at $153.20 if the market continues to weaken.

 


Like this article? Help us with some feedback by answering this survey:

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: The monthly settle defines the next move

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: The monthly settle defines the next move

The crypto market is at a standstill going into the final days of November. The monthly price will likely depict price action for weeks to come, and the market could witness an uptick in volatility. Traders should keep their eye on the key levels identified for any last-minute moves.

More Bitcoin News

FTX Latest: Former CEO Sam Bankman-Fried explains reopening withdrawals of Bahamian arm

FTX Latest: Former CEO Sam Bankman-Fried explains reopening withdrawals of Bahamian arm

FTX Digital Markets filed for bankruptcy on November 16; however, withdrawals for some will be resumed temporarily. Former FTX head Sam Bankman-Fried attempted to inform Bahamian regulators beforehand but to no avail.

More Cryptocurrencies news

Arguing the case for a Cardano price pullback to $0.35

Arguing the case for a Cardano price pullback to $0.35

Cardano price has produced four lower highs throughout the month, with three connected by a recently breached trendline. A hurdle above $0.322 could create an additional 12% upswing. A four-hour candlestick close below the $0.304 level would invalidate the bullish potential.

More Cardano news

Luna Classic Price Prediction: 10% drop then a market reversal

Luna Classic Price Prediction: 10% drop then a market reversal

Terra's Luna Classic price has been trading range bound for over a week. The consolidating range has produced higher highs and higher lows following each change of trend. A breach of $0.0001690 would invalidate the bearish triangle thesis.

More Luna Classic news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP