Litecoin price has been within a horizontal channel since earlier in the month as fear remains the dominant emotion in the crypto market. The crypto fear & greed index is at 34 in Thursday’s session. Granted, this is an improvement from last week and month’s fear levels of 29 and 33 respectively. However, it is a decline from the previous session’s 45. With the subsequent risk aversion, the altcoin will likely remain in a bear market in the short term.
LTC is trading within a horizontal channel as has been the case since the beginning of December. Over the past two-and-half weeks, the altcoin has remained within a range of between 141.38 and 167.26. At the same time, it was up by 1.06% at 157.09.
On a four-hour chart, Litecoin price is trading slightly above the 25 and 50-day exponential moving averages that have converged at around 153.50. In the short term, it will likely remain within the aforementioned horizontal channel.
Overall, the outlook remains bearish. For a trend reversal to occur, there will need to be enough bullish momentum to push Litecoin price to and past the psychological level of 200.
A move above the range’s upper border will likely place the resistance level at 175. On the flip side, a decline past the lower border may place the support zone at 130.50.
This post was last modified on Dec 23, 2021, 14:16 GMT 14:16