Litecoin price analysis: LTC ready to challenge the $184 mark again as bulls dominate the market
3 min readTL;DR Breakdown
- Litecoin price is expected to rise to $184
- The closest support level is at $179
- Litecoin price is facing resistance at the $185
Litecoin price has finally gone past the $160 mark and strong bullish momentum has carried the price to challenge the $182 mark. Litecoin price records an over 22 percent price hike across the last seven days showing extremely strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement.
Across the broader cryptocurrency market, the last 24 hours have observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include BNB and ADA that record a 2.96 and a 5.58 percent increase respectively. Meanwhile BTC and ETH record a 2.94 and a 1.83 percent hike
Technical indicators for LTC/USDT
Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator saw a bullish reversal at 8 Am yesterday, since then bullish pressure is increasing steadily and the indicator is currently just below the 5.4 mark. Across the EMAs, the 12-EMAis trading above the 26-EMA and continues diverging while both EMAs rise.
The RSI is currently trading in the neutral zone a little above the 64.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 3 days. At press time the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands at press time are wide and as the last few candlesticks are green the bands will expand further in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Litecoin price to increase in the short term. Moreover, as the price is consolidating closer to the upper limit rather than the band’s mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only five indicators issue sell signals suggesting a bearish retracement. Meanwhile, seven indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 15 of the 26 indicators suggesting a bullish movement against only five indicators suggest a bearish retracement. Meanwhile, six indicators remain neutral and do not issue any signals at the time of writing
What to expect from Litecoin price?
Litecoin price is currently facing resistance at $185 mark but the market shows strong bullish sentiment .The short term technical indicators support the bulls while the midterm technical shows potential for sharp upward movement.As such traders should expect the price to break above $184 mark. Traders can expect an upward breakthrough above the $187 mark if the current momentum continues.Moreover, if the bears take hold of the market the price will not go lower than the $180 mark.
