Cryptocurrency News, Cryptocurrency Price Analysis

Litecoin Is Trading With A Bearish Momentum

Litecoin has been doing well in the crypto market in the last few days as the digital asset is currently selling for around $200. Even at that, the digital asset is still in the negatives, losing 2.91% in the past few days. With the coin now trying to come back from a $198 figure that created an intraday low, it is still having difficulty coming back on top.

However, if the digital asset should heal above the intraday low, it would follow the pattern and sell for higher than the price it is before. If this doesn’t happen, the digital asset could see a break below to trade in a bearish move.

Litecoin hopes to trigger another bullish run

Presently, the digital asset price is trading way below its 9-day moving average, and if it continues that way, the digital asset could taste the various supports below. If that eventually plays out, the digital asset could trigger the first support at $175 before going on to rest close to the $165 supper level. If the bulls do not defend the price, it could trigger the last supper level at $155. If the last support level is triggered, this would once again bring Litecoin to close a new monthly low figure.

If the bulls can defend the asset and take it high, it could touch its resistance figure at $210. If the bulls can surmount the resistance level, they could go way ahead to touch the second resistance figure at $220. Meanwhile, the digital asset would need to pull back a little if it will make a lasting surge. Suppose the asset could use that momentum to touch the $225, $235, and $245 resistance figures at the end of the day.

LTC/BTC comparison

Compared with the leading digital asset, Bitcoin, the digital asset is trading in a bearish move and is suffering from Bitcoin’s pressure. However, the bulls would need to surmount the bears because they have noted that they will be a tough nut to crack. As it stands, the digital asset is currently trading close to the south.

If Litecoin is trading close to the lower boundary, the next support level is 3000 Satoshi. If a rebound happens, then the coin could go all the way to sell at 3800 Satoshi. If the bulls eventually move upward in the market, it could use the bull momentum to touch the 4000 Satoshi level.

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