Litecoin price is likely to remain in the bear market in the short term despite the week’s gains. This assertion is founded on the extreme fear that continues to define price movements in the crypto market. Notably, the fear & greed index has been on this end of the spectrum since last month. In Thursday’s session, the index was at 21 compared to Wednesday’s 22.
LTC has eased after the three-session rebound that had it hit a one-week high of 142.59 on Wednesday. At the beginning of the week, the altcoin was at a six-month low of 120.73.
As at 0814 GMT, Litecoin price was 140.22, down by 1.27%. On a four-hour chart, the crypto is trading above the 25 and 50-day exponential moving averages. However, it is still below the long-term 200-day EMA.
While it may record further gains in the ensuing sessions, I expect it to remain under pressure in the short term. From this perspective, the 200-day EMA at 150.40 will likely remain a crucial resistance level for Litecoin price.
At its current level, it will probably continue to find support along the 25-day EMA at 134.37. A pullback past that level may have the bears retest the week’s low of 120.73. On the flip side, a move above the aforementioned resistance level will have the bulls eyeing the next target at 170.53.
This post was last modified on %s = human-readable time difference 08:44