Litecoin Price Watch – LTC/USD Holds Support At $156

Litecoin Price Watch

Key Highlights:

  • 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.

Litecoin Price Watch

Source: Tradingview

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

Featured Image: Depositphotos/© albund

In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.
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