After finally climbing past the $138 mark, Litecoin price failed to continue its bullish rally and the price has dropped to just below $120.While the price at press time holds just below $120, 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 time frame. The major players that recorded a loss include Cardano, and BNB that record a 1.2 and a 0.46 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a 0.13 and a 2.9 percent decrease.
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 10 pm on 17th July, since then bullish pressure is increasing steadily and the indicator has currently risen to just below the -2.25 mark. Across the EMAs, 12-EMAis trading above the 26-EMA with a high slope and continues diverging while both EMAs rise.
The RSI is currently trading in the neutral zone a little below the 44.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 22 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 suggesting that the buyers are fighting back.
The Bollinger bands at press time are narrow however as the last few candlesticks are green the bands will expand 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 below the band mean line rather than above it, 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 two indicators issue buy signals suggesting bullish momentum. Meanwhile, ten 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 four indicators suggest a bullish momentum. Meanwhile, seven indicators remain neutral and do not issue any signals at the time of writing
Litecoin price is currently facing resistance at $121 mark but the market shows steady bullish sentiment and so it should be able to go past it.However the short term technical indicators and the midterm technical describes a bearish trend hence after reaching the $121 a downward movement is expected and Litecoin price may drop to its support level at $117
This post was last modified on July 19, 2021 8:06 am
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