Litecoin price analysis: LTC ready to move above the $121 mark
3 min readTL;DR Breakdown
- Litecoin price is expected to rise to $121
- The closest support level lies at the $120
- Litecoin price is facing resistance at the $124 mark
After finally climbing past the $138 mark, Litecoin price failed to continue its bullish rally and the price has dropped to just above $120.While the price at press time holds just above $120, the bearish pressure is still present and the price may fall further in the immediate future if the selling continues
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. The major players that recorded a loss include Cardano, and BNB that record a 4.17 and a 4.42 percent decrease respectively. Meanwhile BTC and ETH record a 1.17 and a 2.47 percent decrease.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the price at press time oscillates around the -2.90 mark. While the 26-EMA still trades above the 12-EMA, the difference between the two is starting to decrease and they may show a reversal at any time
The RSI is currently trading in the neutral zone a little above the 36.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 19 days. At press time the RSI has again had a small spike towards the overbought region suggesting an increasing bullish presence at the current price level and that the buyers are fighting back
The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks. The bands’ expansion suggests an increase in volatility for the Litecoin price. Meanwhile, as the price is consolidating below the bands’ mean line, the price will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 14 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only four indicators issue buy signals suggesting bullish momentum. Meanwhile, eight 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 sell signal with 14 of the 26 indicators suggesting a bearish movement against only four indicators suggest a bullish momentum. Meanwhile, eight 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 $124 mark but the market is showing a decreasing bearish momentum , .the short term technical indicators and the midterm technical support this sentiment and show potential for sharp upward movement.As such traders should expect the price to break above the $121 mark soon .Traders can even expect an upward breakthrough where Litecoin might be able to challenge the $124 mark again if the current momentum continues
