tl;dr DR failure
- Litecoin price analysis suggests upward move to $85
- The closest support level is $75
- LTC is facing resistance at $80
Litecoin price analysis shows that LTC price action found strong resistance near the $80.00 and a retracement towards the $75.00 support.
The broader cryptocurrency market has witnessed negative market sentiment over the past 24 hours as most major cryptocurrencies recorded negative price action. Major players include DOGE and XRP, with losses of 8.83 and 7.38 percent, respectively.
Litecoin Price Analysis: LTC Falls Back to $75
Technical Indicators for LTC/USDT by Tradingview
The MACD is currently bearish, as expressed by the red color of the histogram. However, the indicator shows less bearish momentum as expressed in the lower depth of the histogram. On the other hand, the darker color of the histogram indicates increasing bearish momentum and indicates that the price is moving downwards.
The EMAs are currently trading above the moving averages as net price movement over the past ten days remains positive. However, sales activity will increase as the two EMAs separate and move downwards. Currently, the 12-EMA is moving towards the mid line, indicating increasing bearish activity in the market.
The RSI moved higher yesterday as the index rose to overbought levels, but has since returned to the average position. Currently, the index is hovering at 58.85 with a slight upward slope. The indicator gives no signals while the gentle slope indicates less market pressure.
The Bollinger Bands were wide recently as price showed strong bullish activity. However, the bands started to converge around the level as the price encountered strong resistance near the $80.00 level. At press time, the bottom line of the indicator offers support at $64.41, while the top line presents a resistance level at $86.34.
Technical analysis for LTC/USDT
Overall, the 4-hour Litecoin price analysis is sending a buy signal, with 11 of the 26 major technical indicators in favor of the bulls. On the downside, five indicators are in the bears’ favor, pointing to the presence of significant bearish momentum over the past few hours. At the same time, ten indicators sit on the fence and do not support any side of the market.
The 24-hour Litecoin price analysis does not share this sentiment and has issued a sell signal with 14 indicators suggesting downward movement against five suggesting upward movement. The analysis shows bearish dominance in the medium term charts, while there is less buying pressure for the asset in the same time frame. Meanwhile, seven indicators remain neutral and have not sent any signals at the time of writing.
What can you expect from the Litecoin price analysis?
4 hour price chart by tradingview
Litecoin price analysis shows that the bearish pressure that caused the price to drop to USD 75.00 has largely dissipated as the bulls make another attempt to reach the USD 80.00 level.
Traders should expect LTC to move towards the USD 80 where the main resistance lies, a bullish breakout would allow the price to stabilize at the level and climb towards USD 85. The suggestion is reinforced by medium-term technical data. However, in case of rejection, a sharp drop in price to the $70.00 level can be expected.