According to our Litecoin price analysis, the peaked at $138 just a week ago. However, since then, the market has fallen to $118.25 today. Overall, the sentiments are quite bearish from the last 7 days. Even today, the market is not likely to recover.
The overall crypto market today is bullish. However, Bitcoin has just recently lost 0.97 percent. Other than that, Ethereum, Cardano, and Dogecoin have had an increase of 1.24 percent, 1.17 percent, and 6.33 percent, respectively. A similar pattern can be observed in the other altcoins as well.
Our Litecoin price analysis on the 1-day graph reveals some notable insights regarding the market’s behavior over the last few days. Recently, the Litecoin market has been highly bearish. With that, it also fluctuating between $1.18 and $1.38.
At the same time, the previous support was set at the $119 mark, which has already been broken. From here, LTC seems to be heading further downhill in the next few hours. The RSI graph also reveals a rapidly decreasing slope that is close to touching the 30 levels. This indicates that the market is set to become oversold soon.
Furthermore, an increase in the resistance can be observed in the MACD Litecoin price analysis with the histograms in red. Again, this is not a positive sign.
Litecoin price has fallen from a recent high of $124 to $113 today. With that, Litecoin is currently occupying the 13th spot with a total market cap of $8,105,597,710.
At this point, the LTC market is seemingly gathering some bullish sentiment, as the RSI indicates a rapidly increasing slope headed towards the 40 after touching 30 just recently. But this may be short-lived as the MACD analysis shows increasing resistance with red histograms.
Over the next few hours, the prospects of recovering are not good. The RSI on the 4-hour graph has a decreasing slope that has just fallen below the 40 levels. Now, the LTC market is slightly oversold. However, if we rely on the recent patterns, it is expected that the RSI curve will hit the support line of 30 again before rising. Although, our MACD Litecoin price analysis indicator gives some hope as it shows an increasing bullish momentum.
Overall, Litecoin may hit the $112 mark and may even slide further down depending on the market’s condition in the next few hours. Since there is a good amount of volatility today, the market can retrace a substantial amount at any given moment. However, the overall bearish sentiment makes it unlikely to happen.
With that, it will be revealed overnight whether the resistance can be overcome leading to some retracing. But for now, Litecoin is set to touch the $112 levels very soon.
This post was last modified on July 19, 2021 9:35 pm
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