- Litecoin price expected to fall to below $156
- The closest support level is at $156
- Litecoin faces resistance at the $161 mark
After finally climbing past the $192 mark, Litecoin price failed to continue its bullish rally and the price has dropped to just below $157.While the price at press time holds just below the $157 mark, the bearish pressure is very strong 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 timeframe. Main currencies which had a loss include Dogecoin, and BNB that record a -11.16 and a -12.07 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a -9.55 and a -10.73 percent decrease respectively.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD is showing strong bearish momentum after exhibiting a bearish reversal just yesterday. As the price action stagnated, the size of the red histogram is slowly increasing and the indicator has fallen back to the -5.1 mark. Currently, while both EMAs move downwards, the 12-EMA is separating from the 26-EMA showing an increasing bearish momentum at the time of writing.
The RSI is currently trading in the neutral zone a little above the 32.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past two weeks. At press time the RSI has had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level.
The Bollinger bands are currently wide but will converge rapidly in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Litecoin price in the short term. Moreover, as the price is consolidating below the bands’ mean line; the bands 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 three indicators issue buy signals suggesting bullish momentum. Meanwhile, nine 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 15 of the 26 indicators suggesting a bearish movement against only two indicators suggest a bullish momentum. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Litecoin price?
Traders should expect the Litecoin price to continue falling towards the support level at $156 and traders can expect the price to go even beyond that to $154 as the bears show dominance over the price action. The short term and midterm indicators also support a bearish trend and it will take some time before Litecoin price is ready to challenge the $170 mark again
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