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Litecoin action on the 24-hour chart has been oscillating between the bearish and bullish zones since the beginning of the day. Besides, the RSI is shifting instantly from overbought to oversold conditions and back to overbought again. This along with a wide daily range extending from an intraday low of $166 and a high of $173 indicates the presence of high volatility across the market. The bulls have been stuck around the 20-day exponential moving average at $170.
A level it corrected after the bears failed to sustain a downtrend at $157. The bears are suppressing the price movement at resistance and have increased the pullback from $169 to $167. LTC's relative strength index is shifting positions between the overbought region and the neutral zone since the beginning of the day.
The current price level is acting against the active first major resistance level at $171. The first support lies at $166. The bulls need to gather support from the broader market to break out of the $166 level and beat resistance at $171. This will bring the $174 price level into play, which is also the 62$ FIB extension level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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