- The LTC coin price is hovering around the supply zone on a daily time frame.
- The LTC coin price is forming a flag and pole pattern on a daily time frame.
- The pair of LTC/BTC is trading at the price level of 0.0046 with an increase of 1.25% in the past 24 hours
The LTC coin price is trading at the demand zone on a daily time frame, as per the price action. The coin price faced the strong bearish pressure that prevailed in the market during the past week which led to a fall in the price of the LTC coin price. The LTC coin price showed a one-sided bullish rally and started falling from the supply zone.
The LTC coin price is forming higher high and higher low formation on a daily time frame. The coin price can be seen rising if it is successfully able to break out of the supply zone. At present, the coin price is trading above the 50 and 100 Moving Averages. The recent bullish rally has resulted in the coin price breaking out of the 50 and 100 Moving Averages. Moving upwards the coin price can be seen resting at these important MAs during the pullbacks.
Currently, the coin price is trading at the middle of the Bollinger band indicator after failing to surpass the upper band. The range of the Bollinger Band indicator has narrowed indicating a strong move on the breakout side. Volumes have increased as the coin price bounced off the demand zone strongly. Investors should remain cautious as volatility has increased due to recent big moves.
The LTC coin price is forming a flag and pole pattern on a daily time frame
Relative Strength Index: RSI curve is trading at the price of 65.74 as the coin bounces off the demand zone. At present, the RSI curve has crossed the 20 SMA. The coin is forming higher low and higher high formation on a 4-hour time frame as the coin shows bullishness in the higher time frame. The LTC coin price can be seen moving if it sustains the recent gains and breaks the supply zone and if it does then the RSI curve can be seen moving even higher up supporting the trend. The coin price has already crossed the halfway mark of 50.
Supertrend: The LTC coin price has managed to sustain the supply showing a very brief fall from the supply zone. Before the current consolidation coin showed a strong bullish rally which led to breaking out of the super trend sell line. Earlier the super trend sell line was acting as a strong resistance. The recent breakout has resulted in the super trend indicator triggering. a buy signal. Moving upwards the super trend buys line can be seen acting as strong support.
Average Directional Movement Index: ADX has been continuously dipping as the coin price trades in a bearish trajectory on a weekly time frame. As of now, the coin price is trading at the important supply zone. The breakout of the supply zone can act as a strong demand zone in the coming days. At present, the coin price is trading in a small range on a 1-hour time frame, and if the same continues the coin price can be seen breaking on either side, triggering strong moves in the upcoming days. The ADX curve has dipped out of the 20 mark.
CONCLUSION: LTC coin price is in an uptrend on a daily time frame. While on a smaller time frame the coin is consolidating in a small range. The technical parameters are also seen supporting the trend as they turn bullish. Investors should wait for a confirmation of proper bounce back and then act accordingly.
Support: $72.80 and $1.90
Resistance: $84.00 and $81.32
