- Litecoin price analysis suggests further sideways movement.
- The closest support level lies at $175.
- LTC faces resistance at the $185 mark.
The Litecoin price analysis shows that after falling to the $180.00 mark, LTC has observed a steep decline in its price volaility as the the asset observed little to no activity beyond the $170-$190 level. The main reason behind this consolidation is the speculation of traders which has caused the trade volume to plummet drastically.
The broader cryptocurrency market has observed a bullish sentiment over the last 24-hours as most major cryptocurrencies record a positive change over the period. Major players include AVAX and ADA that record a 12.00 and an 11.20 percent incline, respectively.
Litecoin price analysis: Low bullish momentum observed
Across the technical indicators, the MACD is bullish, as expressed by the green histogram. The indicator exhibited a crossover on September 11 and has been bullish since. While the momentum increased in the first 24 hours after the crossover, the resistance at the $185 mark caused the price action to stagnate, and the momentum dwindled. Since then, the bullish momentum has remained very low suggesting low trade activity taking place.
The EMAs are currently moving upwards, showing strong buyer activity at press time. However, the 26-EMA moves with a similar gradient suggesting an increasing selling pressure in recent hours.
The RSI is currently neutral and trades close to the indicator’s mean line at the 54.00 index level. The indicator’s current position leaves room for sharp price movement in either direction across the short-term charts. However, the indicator is currently moving horizontally, suggesting that both sides are currently struggling to gain dominance over the price action.
The Bollinger Bands are narrow and have experienced a drastic change a few days ago as the bands converged sharply on September 9 when LTC stabilized around the $180 mark. Since then, the indicator has remained narrow as the price oscillated around the bands’ mean line. The past 48 hours have seen LTC rise from $170 to the current $185 mark causing the bands to expand. However, the indicator continues suggesting low volatility across the short term.
Technical analysis for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a buy signal, with 14 of the 26 major technical indicators suggesting an upwards movement across the timeframe. On the other hand, only two indicators are issuing a sell signal suggesting low bearish resistance at the current price level. At the same time, 10 of the indicators remain neutral and do not issue any signals at the time of writing.
The 24-hour Litecoin price analysis shares this sentiment with 13 of the indicators supporting the bulls against five indicators that issue sell signals suggesting a downwards movement for the asset. At the same time, eight indicators sit on the fence issuing no signals supporting either side of the market.
What to expect from the Litecoin price analysis?
The Litecoin price analysis suggests further consolidation as the short-term technical analyses show little to no activity in the markets. While the mid-term analyses remain bullish, the short-term market outlook suggests that the Litecoin price is not going to break past the $190 resistance anytime soon.
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