Litecoin finally showed some light in the end, retracements from an annual low of $ 103.80 hit on July 20th. Buying sentiment at this level has put LTC in a new light for investors. After a decline of over two months and a rating loss of around 75%, there are still no signs of positive attitudes over the long term. A technical analysis of Litecoin is required for better clarity about the support and resistance levels.
Litecoin price analysis
LTC has shown a clear downtrend since breaking the $ 240 support. Followed by further resistance around the $ 200 mark, Litecoin collapsed and continued to break through key moving Avengers and areas of support. As of now, the Litecoin price has reached the last support level based on the year 2021.
Litecoin has one final support at $ 100, which turned out to be a buy zone that pushes Litecoin above 6.5% in one-day trading. The subsequent bullish sentiment in the coming days may turn the tables for investors, but LTC price has to cross the high of the recent swing. Litecoin crossing the immediate resistance line will be a bullish zone poised to take off towards an all-time high.
MACD is negative but the trend has reached the neutral zone. Crossing the neutral zone and valuations exceeding the immediate resistance of $ 145 will create the ultimate bullish sentiment. On the other hand, the Litecoin price can reach $ 50, but it is very unlikely as the purchase has started between $ 40 and $ 80 in the past. Bollinger Bands, which are shrinking ahead of this upward move, suggest a wider zone of price action, which can range from $ 50 to $ 150.
The pullback from lows of $ 100 is just incredible; with no signs of weakness, the Litecoin price has hit $ 114.5 and still shows no weakness. The transaction volumes are slowly increasing. The RSI hit oversold zones to an overbought zone of 80 within two days. The last overbought zone was on the hourly charts on July 12, 2021.
Bollinger bands on hourly charts clearly show the positivity of the price action. According to our Long-term forecastAt these levels, investors can buy for a good return. Litecoin can easily hit $ 200 if that bullish sentiment survives the $ 140 resistance.