Litecoin price analysis shows continued bearish trend, albeit with some hidden bullish potential. Price rose almost 2 percent over the day’s trade to move up to $72.30 and could target the $80 mark from this point. LTC has been stuck in a horizontal trend since the significant decline that took place on May 22, 2022, but the 18th largest cryptocurrency by market cap is looking to break away from the existing trend. Buyers are expected to come into the market with formation of the nascent uptrend and consolidate additional potential to unlock resistance at $80. Conversely, the trading volume for Litecoin dropped by 8 percent over the past 24 hours, hinting towards a continuation along the sideways trend.
The larger cryptocurrency market showed signs of consolidation across the board, as Bitcoin crossed the $30,000 mark for the first time in a week with a 2 percent rise. Ethereum also moved above $2,000 with a 1.5 percent uptrend. Among major Altcoins, Ripple and Cardano incurred minor increments to move up to $0.41 and $0.53, respectively. Similarly, Dogecoin moved as high as $0.08 and Solana rose 2 percent to $51.65. Polkadot also consolidated up to the $10 mark with a slight increment.
Litecoin price analysis: Crucial trading session ahead for LTC on daily chart
On the 24-hour candlestick chart for Litecoin price analysis, price can be seen attempting to break away from a rectangular trend formed over the past week with price oscillating between the $65-$71 range. The 50-day exponential moving average has also come down to into this zone at around $71.4 and a breakaway in price will need to bisect this zone. The 24-hour relative strength index (RSI) has also settled into the early 40’s, exhibiting a healthy market valuation for LTC.
However, to create a significant price change, this value will have to balloon upwards into the oversold zone before new entrants can come into the market. In addition, the moving average convergence divergence (MACD) curve is forming lower highs currently but continues to sit above the neutral zone. Over the next 24 hours, LTC is expected to attempt consolidation towards the $80 mark, where resistance could be met as near as the $75.5 mark. However, the downside support sits at $55, and the thesis to move downwards before conjuring an uptrend can also hold valid.
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