Litecoin price analysis: LTC looks bearish, heading to mid-term support

• Litecoin (LTC) may bounce back higher if the mid-term trend line can further produce support for the market
• Litecoin’s price has dropped by 4.18% following the current bearish action in the market

The much-anticipated halving has turned out to have a low impact on the Litecoin market. As expected by its holders, the event which occurred last week was supposed to gear the price of LTC up significantly. Instead, the price keeps dropping until the market locates support around the $82 during the past weekend.

Meanwhile, the cryptocurrency has continued to bolster on the three months support line, drawn in yellow. On the third time, Litecoin (LTC) is nearing the yellow line at $78 – who remains the second half of the year’s low. As of now, the yellow line is still holding the bear pressure in the market. A rebound may fly through price back to $150, where it began to drop in late June

Litecoin (LTC)’s Current Statistics as on August 13, 2019

Trading Price: $85.72

Market Capitalization: $5,402,368,180

Trading Volume: $2,621,041,387

Key resistance levels: $91.6, $100, $107.2, $120, $138

Key support levels: $82, $75.8, $68.8, $61, $56.6

Litecoin (LTC) Price Prediction based on August 12, 2019 data

On the daily chart, Litecoin (LTC) is looking bearish as price falls back below the $100. Now, the bear appears to be stepping back in the market, and we can expect the price to drop to $82 and $75.8, bottoming in the yellow support line before bouncing back up to $91.6, $100 and $107.2 before breaking to $120 and $138 in an upward range.

However, if the market drives below the $75.8 support, Litecoin’s price will slump to $68.8, $61 and $56.6, bringing the price to March low. As shown in the price chart,   Litecoin’s volume is fading away due to the selling pressure in the market.

Conclusively

If Litecoin (LTC) can manage to break and stay above the $100 level, we may start to consider a positive move for this market. Otherwise, the price will continue to remain under until we see a bullish regroup.

Technical Indicator Reading

The RSI for Litecoin (LTC) is currently moving in a sideways following a sharp rebound from the oversold area.

On the Stochastic RSI, the Litecoin (LTC) has recently seen a price fall at the oversold level. We can expect some buying pressure once it turns back upward.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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