Cryptopolitan
2021-09-22 09:02:20

Litecoin Price Analysis: LTC finding support around $150 after a rapid downtrend

TL;DR Breakdown On the same day, Litecoin price dropped to $150.73 during intraday trading.LTC dropped another 13% after it broke out at $182 last Friday.The volume of trading has increased by 31% to further validate the concerning trend. LTC/USD is down to $150.73, a new low for the year. This week, Litecoin’s price decline has accelerated, with the coin declining as far as $150. On September 7, LTC reached a 30-day high of $231.33 before experiencing a severe sell-off in the weeks that followed. Litecoin’s price then rose to $189 during a consolidation period, bringing the project’s total market value to nearly $1 billion. Since then, the currency has witnessed significant selling in the market, sending it back to $160.27 as of this writing.  On the 24-hour chart of Litecoin price activity, red candlesticks have dominated recent trading sessions, confirming the bearish outlook. The Relative Strength Index (RSI) is at a depressingly low 39, indicating that there was no buyer interest in the currency. At the moment, the price is not expected to rise anytime soon. If price can prevent any additional selling and maintain above $160 support, a consolidation there might be the best possible outcome for LTC. LTC/USD 4-hour chart: LTC set to reverse from the $165 support?  On the 4-hour chart, we can see that the Litecoin price is making a move to reverse higher as the $165 support level has provided strong r...

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