- Litecoin price analysis suggests upwards movement to $170.
- The closest support level lies at 150.00.
- LTC faces resistance at the $160 mark.
The Litecoin price analysis shows that after falling to the $140 mark, the bulls quickly rose to defend the support level and initiated a rally that enabled LTC to recover to the $165 mark. However, the price action was rejected at the level and the price fell back to the $150.00 mark where it currently hovers.
The broader cryptocurrency market has observed a mixed market sentiment over the last 24-hours as most major cryptocurrencies are spilt between positive and negative movements. Major players include LUNA that records a 10.00 percent incline while SOL record a 7.72 percent decline.
Litecoin price analysis: Bulls fight back as LTC recovers $150
Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator’s light color showed a declining bearish momentum as LTC recovered towards the $165.00 mark. Currently, the indicator shows low bearish momentum that may increase again as the price falls below the $150.00 mark again.
The EMAs are currently trading low as the sudden decline in Litecoin price analysis destabilized the price action. The 12-EMA showed slightly upwards movement until the rejection at the $165.00 mark. Now, both of the EMAs are moving downwards with the 26-EMA moving with a greater while the 12-EMA moves parallel to the horizontal axis
The RSI is moving close to the neutral region but trades low showing bearish pressure over the Litecoin price. The indicator hovers in the oversold region showing little room for significant downwards movement and issues a buy signal. At press time, the indicator moves with an upwards gradient showing that the buyers are still putting up a fight to return to the $170 mark.
The Bollinger Bands are currently wide following the sharp downtrend observed by the Litecoin price analysis. The bands’ observed sharp divergence when the price broke below the band’s lower limit on December 3. While the price has recovered and reentered the region, the bands remain wide accommodating for any volatility in the short term.
Technical analysis for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a strong sell signal with 16 of the 26 major technical indicators showing support to the bears. On the other hand, none of the indicators support the bulls suggesting that there is little to no buying activity occurring in the markets. Meanwhile, the remaining ten indicators sit on the fence and issue no signals at the time of writing.
The 24-hour Litecoin price analysis shares this sentiment and shows 15 indicators in favor of further downwards movement against only one suggesting an upwards price action across the mid-term charts. The analysis reaffirms the bearish dominance over LTC. At the same time, ten indicators do not support either side of the market.
What to expect from the Litecoin price analysis?
The Litecoin price analysis shows that after falling below the $140 mark, the buyers soon pushed back and did not allow for further downwards movement as the price moved above the $160 mark. However, the recovery was not smooth as the bulls faced resistance at the $165 mark and the bullish trend was rejected at the level and the price returned to the $150 support.
Currently, traders should expect the Litecoin price analysis to move upwards towards the $170 mark as the market momentum turns from bullish to bearish. This suggestion is reinforced by the short-term charts that suggest a bullish takeover as the bulls gather momentum. However, if the bulls are unable to break past $160, LTC would fall low to the $140 support level.