Litecoin price is trading within a tight range as the bulls lack enough momentum to push the altcoin back up above the crucial level of $200. It dropped below this zone in the past week amid heightened fear in the crypto market.
The crypto fear & greed index is at an extreme fear level of 25. While it is an improvement from the prior session’s 16, it is more intense than last week’s fear level of 40. In comparison, the index was on the greed end of the spectrum in the past month.
LTC is on a rebound, even as it remains under pressure. Over the weekend, the altcoin hit a four-month low before bouncing back. Since then, it has been trading within a tight range as it finds resistance along the 25-day EMA.
At the time of writing, Litecoin price was down by 0.01% at 161.58. On a four-hour chart, it is trading below the 25 and 50-day EMAs. At its current level, I expect it to continue trading within the horizontal channel of between the support zone of 150.15 and along the 25-day EMA at 167.04.
A move above the channel’s upper border will likely place the resistance level along the 50-day EMA at 180.31. On the flip side, a decline past the lower border will have Saturday’s low of 136.88 as a viable support level for Litecoin price. Despite the price swings expected in the ensuing sessions, a move above the psychologically-crucial zone of 200 is needed to confirm a trend reversal.
This post was last modified on %s = human-readable time difference 01:53