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Litecoin price analysis: LTC aims to consolidate and recover up to the $80 mark

Litecoin Price analysis
TL;DR Breakdown
  • Litecoin price analysis shows price attempting to break away from a horizontal trend
  • LTC moved up to $72.30 during the day’s trade with a 2 percent increase
  • Buyers will attempt to consolidate and build potential towards the $80 mark

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.

Screenshot 2022 05 23 at 12.09.40 AM
Litecoin price analysis: Cryptocurrency heat map. Source: Coin360

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.

LTCUSDT 2022 05 23 10 50 20 1
Litecoin price analysis: 24-hour chart. Source: Trading View

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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