At the moment, the unit price of Litecoin (LTC) is hovering at $161.0. The performance report for LTC from CoinMarketCap shows that LTC has surged 8.84% in the past 7-days. Then in the past 24-hours, the price of LTC has managed to increase by 0.57%.
As of now, LTC is experiencing a similar kind of trend as Dogecoin (DOGE), meaning that it is currently in the bearish zone. The performance meter for LTC suggests that the investors’ sentiments are currently in the bearish zone.
The Strong Sell to Strong Buy scale suggests that at present, the orientation is in the “sell” zone. This means that the bears are currently in power and they may be able to launch a selling spree for LTC. The sell-neutral—buy ratio suggests that at present, the ratio stands at 11-9-6.
It suggests that more investors are ready to sell LTC than buy it. The performance for LTC at the moment is not strong enough to push LTC’s price much higher. It is expected that as soon as the investors attempt to create a small rally, the bears may end it by increasing their selling power.
No matter the efforts from the bulls, the ball is still in the bears’ court and they may continue pushing LTC lower than the current price.
In case the bulls come into action, their attempt would be to push LTC’s price over the 30-day SMA, which is currently represented by $174.1. This is also the first strong resistance point for LTC where the bears may pose a lot of threat to the bulls.
If the bulls do manage to hit and cross the 30-day SMA, they may face another strong resistance mark at $187 per LTC, which is the 20-day SMA. If the bears exert no pressure at this point, the bulls may be able to increase their buying power.
This may help in increasing the price of LTC, pushing it all the way up to $199 in the upcoming days.
If the bears decide to take action against the current price of LTC, they may increase their selling power. Doing so would let the bears pull the price of LTC below the $148.3 figure, which is the first strong support point for LTC.
If the bulls pose no threat and are unable to increase their buying power, the bears may succeed in pulling their price below the $135.4 mark. As of now, the $135.4 per LTC figure is considered the 2nd strong support mark for LTC.
If the bears succeed in pulling LTC’s price further, they may be able to bring LTC close to the 100-SMA, which is $122.5 per LTC.
