- LTC coin price has been on an uptrend as the coin price bounced off the demand zone.
- LTC coin price is trading near the supply zone and as of now, it has started consolidating near it.
- The pair of LTC/BTC trading at the price of 0.004006 with an increase of 3.69% in the last 24 hours.
The price of LTC currency has been rising and has just bounced off the demand zone in the last 24 hours. The price of coins is still circling the available supply. On a daily time scale, however, it has developed a bearish rejection candlestick pattern. On a daily basis, it has developed a pattern with a rounded bottom.
On a daily time scale, the price of LTC is generating higher highs and higher lows. The coin price is currently trading in the supply zone after breaking through every single short-term resistance. After rebounding from the lower band of the Bollinger band indicator, the price of the LTC coin is currently trading at the upper band of the indicator. In the daily time period, the price of the LTC currency has broken out above its 14 SMA and 50 MA. It is sitting at these Moving averages at the moment.
Despite recent bullishness, the coin price has not yet crossed above the 100 Moving Average. As a result, the positive move of the coin price may be rejected, leading to a sharp decline. Despite the bullish disaster of the previous day, volumes have dropped. Investors should thus exercise caution and wait for a distinct trend.
The LTC coin price is forming a inverted head and shoulder pattern on the daily time frame
Average Directional Movement Index: ADX curve has been dipping on a higher time frame as the coin continues to fall. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the club price rests at the short-term demand zone on a 4-hour time frame. It is a positive sign for the coin price. Investors should wait for a positive candle formation at the demand zone.
Relative Strength Index: RSI curve is trading at the level of 70.81. The RSI curve has crossed the halfway mark of 50. Once the coin gives a breakout of an inverted head and shoulder pattern on a daily time frame, the RSI curve can be seen moving up. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.
Supertrend: Supertrend indicator is positive as the coin price broke the important small-term supply zone on the daily timeframe. Since then the coin price has failed to give a breakout of the supply zone in a larger time frame. As of now, the coin price has broken the super trend sell line which has triggered a buy line.
Conclusion: LTC coin price has been hovering around the supply zone. The technical parameters suggest a bullish move in the upcoming days. The price action is also suggesting the same. It remains to see if the coin price will break the inverted head and shoulder pattern or fall heavily
SUPPORT: $81.70 and $83.75
RESISTANCE: $92.80 and $95.90
