- Coming off a seven-day high of $166.56 this weekend, Litecoin dropped down below $150 before bouncing back to its current price of $158.50
- A critical support level is established at $156
- The bollinger bands are showing a triangle pattern, taking LTC to a range between $157 and $159
Litecoin Holds Support At $156
Litecoin managed to reach a weekly high of $166.56 this past weekend, after which it began to move downward to as low as $142.75 before bouncing back above $150. The recent price movements have established a critical support level at $156. A minor bullish trend is forming, although the short-term upside is likely just short of $160.
The bollinger bands are confirming what resembles a triangle pattern in the coin’s price movement, and LTC in the short term could fluctuate between $157 and $159. However, the candlestick patterns and MACD lines are giving a bearish signal, taking LTC toward the bottom of that price range.
The interesting part is whether LTC will break above $160 once again, as that is required for it to return to its two-week high near $170. For now, that’s unlikely to happen without a bullish signal.
Looking at the Technical Indicators:
- Bollinger Bands — Weak bearish signal
- MACD — LTC is currently in a bearish zone
- Major Support Level — $156
- Major Resistance Level — $160
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