TL;DR Breakdown
- Litecoin price analysis suggests sideways movement below the $100 level
- The closest support level lies at the $95.00 mark
- LTC faces resistance at the $102.00 mark
The Litecoin price analysis shows that the LTC price action continues to consolidate around the $100 mark as both sides struggle to find momentum across the short-term charts.
The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include NEAR and HBAR recording an 8.27 and a 5.34 percent decline, respectively.
Litecoin price analysis: LTC continues consolidation below $100
The MACD is currently bullish, as expressed in the red colour of the histogram. Moreover, the indicator shows steady bearish momentum as expressed in the steady depth of the indicator. On the other hand, the lighter shade of the indicator suggests an increasing bullish activity as the price approaches the $100 mark.
The EMAs are currently trading above the mean position as net price movement over the last ten days remains negative. Currently, the EMAs are trading at a close distance to each other showing low momentum at press time. Moreover, the converging EMAs suggest a slowly declining bearish momentum.
The RSI has been trading in the neutral region for the past ten days as the asset observed moderate volatility across the timeframe. At press time, the indicator trades below the mean line at 46.60 index unit level as the price suggesting low bearish momentum with a gentle slope suggesting low net selling activity at the current price level.
The Bollinger Bands are currently narrow as the price action observed low volatility across the short-term charts. Moreover, as the price action trades close to the mean line, the indicator would observe further convergence across the timeframe. The indicator’s bottom line provides support at the $95.09 mark while the upper limit presents a resistance level at the $102.21 mark.
Technical analyses for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a sell signal, with 10 of the 26 major technical indicators supporting the bears. On the other hand, only seven of the indicators support the bulls showing a low bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Litecoin price analysis shares this sentiment and also issues a buy signal with 13 indicators suggesting an upwards movement against three suggesting an upwards movement. The analysis shows strong bullish dominance across the mid-term charts with low bearish resistance persisting. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time.
What to expect from Litecoin price analysis?
The Litecoin price analysis shows that the Litecoin market is enjoying a strong bullish rally as the price rose from $68.00 to the current $100.00 level in the last 30 days. Currently, the price finds strong resistance at the $100.00 level but the rising bullish momentum may establish support above the level.
Traders should expect LTC to continue its consolidation between the $95.00 and the $100.00 mark. This suggestion is reinforced by the technical analyses that move in different directions across the 4-hour and 24-hour price charts. However, movement below the $95.00 mark is unlikely given the bullish market sentiment across the broader cryptocurrency market.
