The Litecoin market is devoid of significant volatility. Its charts show a very lackluster price movement. Despite its strong link to Bitcoin, Litecoin has consolidated in the charts as LTC has yet to see strong price movements. At the time of writing. LTC’s price was $ 127 while noting the emergence of strong selling pressure.

One Hour Litecoin Chart

Source: LTCUSD on TradingView

According to the attached chart, the Litecoin market has consolidated between $ 123.67 and $ 132.62. However, since the coin has been moving in this range for some time now, the chances of a drastic price move are low. The price of the cryptocurrency was moving lower towards the support at $ 123.67, and traders may want to mitigate some losses by shorting this position.

Reasoning

Bollinger bands were indicative of reduced market volatility. However, as such an erratic price movement is already observable. Sudden selling pressure could briefly increase volatility. The Relative Strength Index, while it was once close to the equilibrium zone, was pointing downward, signaling the emergence of selling pressure.

As noted earlier, the $ 123 level was a solid support level with the price coming back from this point. Even if the price has continued to fall beyond this level, it may not fall to a large extent. The MACD line suggested an indecisive market, with the bars also falling. This confirmed the lateral movement of the digital asset.

Conclusion

The Litecoin market has not witnessed a strong price change and looking at the market in the short term, a price change may not be in the picture yet. As the selling pressure increases, given the downward trend in prices, traders may be able to make a meager profit, but not a significant one. However, given its strong correlation with BTC, a decline could be imminent in the longer term.

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(Excerpt) Read more Here | 2021-01-01 11:34:50
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