Litecoin Price Prediction: LTC Bulls Try To Take Back Control After Bearish Sunday
Daily Litecoin LTC Technical Analysis
- The Litecoin price is still trending around the edge of the overbought zone.
- LTC was about to flash the buy signal in the 4-hour chart.
Following four straight bullish days, the Litecoin price had a bearish correction, wherein it dropped from the $225 resistance barrier to $214. However, this Monday, LTC corrected itself to $220. Let’s take a closer look with technical analysis.
Litecoin Price Bulls Charge In For The Rescue
Prior to Sunday’s correction, the Litecoin price was extremely overvalued. In three days, LTC jumped from $180 to $225, gaining around $45 in its overall valuation. During this rise, the asset got extremely overvalued. The bearish correction was looking to fix this issue, however, with today’s bullish price action, the RSI has managed to stay in the overbought zone.
Image: LTC/USD daily
As of now, Litecoin price faces a strong resistance barrier at $225. Previously, at this level, 57,400 addresses had purchased 1.65 million LTC tokens. This level seems robust enough to absorb a lot of buying pressure.
The 4-hour Litecoin price chart shows three bullish signals:
- The MACD is about to reverse from bearish to bullish.
- The 20-bar SMA flipped form resistance to support.
- LTC was on the verge of showing the buy signal in the form of a red-nine candlestick, but it has since flashed a green-one candlestick.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will likely reach the $225 resistance barrier, before it faces a bearish correction.