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Litecoin Bulls Aiming For $190 USD This Week – Analysis.

Before it reaches $ 190, the price of Litecoin (LTC) must clear one more hurdle. If the cryptocurrency fails to break above the technical indicators, the resistance force may disturb a potential LTC meeting.

As it continues to rise, the price of Litecoin shakes within the same rising channel on the 4-hour chart. LTC currently confronts a last, significant roadblock that has prevented altcoin growth since September 19.

Litecoin Bulls Aiming For $190 USD This Week - Analysis.

4 Hour Litecoin Price Chart – Source – Tradingview

If the prevailing technical pattern is strong, Litecoin’s price could aim for $190 USD, which is the upper limit of the same channel.

At $ 174.50, the 200-hour Simple Moving Average (SMA) operates as strong resistance to the price of Litecoin, correlating to the Momentum Reversal Indicator’s relaxation line (MRI). The LTC will merge into the top trend line above the existing chart pattern only if the bulls can jump over this level.

Following the above-mentioned level, the price of Litecoin may face other issues at the 61.8% Fibonacci retracement level at $ 183.60.

The Arms Index (TRIN) indicator, which measures all market sentiment, suggests that there are more buyers in the market than sellers. However, the pressure to buy should also increase so that the bulls meet the expectations.

If the bears take control, the price of Litecoin will find quick support at four 20-hour SMAs, which correspond to the channel’s bottom limit and a 50 percent Fibonacci retracement level at $ 168.40. Without any additional marketing push, this area should serve as a good foundation for LTC.

If there is a surge in sales orders, the price of Litecoin may drop to roughly $ 163.20, which is where the MRI’s support line is located. If the bearish trend continues, LTC might fall to the 50 and 100 four-hour SMAs of $ 160.30 and $ 158.30, respectively.

Additional support will come from the Fibonacci retracement level of 38.2% at $ 153.20 if the market continues to weaken.

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