- Litecoin price analysis suggests an upwards movement to $50
- The closest support level lies at $40
- Litecoin faces resistance at the $45.53 mark
The Litecoin price analysis shows that LTC has finally found support at the $40.00 mark, which has enabled the bulls to recover to the $44 mark. However, the bulls still face strong selling activity, making it hard for the price to recover.
The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. Major players include ETH and BTC, observing a 6.50 and a 3.57 percent decline, respectively.
Litecoin price analysis: LTC finds support at $40.00
The MACD is currently bullish, as expressed in the green colour of the histogram. Moreover, the indicator shows strong bullish momentum as observed in the tall height of the histogram. Furthermore, the indicator’s darker shade suggests an increasing bearish momentum as the price action finds support above the $40.0 mark.
The EMAs are currently trading below the mean position as net price movement over the last five days remains negative. However, the LTC market finds support across the short-term charts, and the EMAs are recovering, with the 12-EMA taking the lead. At press time, the 12-EMA is diverging further from the 26-EMA as the selling activity decreased in recent hours.
The RSI had dived into the oversold region on June 10 and continued to move downwards until yesterday. Then the index returned to the neutral region but still trades low close to the border at the 30.00 index unit level. Currently, the indicator hovers at 39.72, moving upwards as the bulls fight back.
The Bollinger Bands were narrow until June 10 but then exhibited sharp divergence as the price action observed sharp volatility. Currently, the indicator has started to converge again as the price action climbs back towards the $45.00 mark. At press time, the indicator’s mean line presents a resistance level at the 45.51 mark, while the bottom line provides support to the bulls at $40.65
Technical analyses for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a sell signal with 10 of the 26 major technical indicators supporting the bears. On the other hand, six of the indicators support the bulls showing a significant bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Litecoin price analysis shares this sentiment and also issues a sell signal with 15 indicators suggesting a downwards movement against only two indicators suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little to no buying pressure for the asset across the mid-term charts. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.
What to expect from Litecoin price analysis?
The Litecoin price analysis shows that after being rejected at the $70.00 mark, the bulls were unable to generate momentum, and after struggling around the $60.00 mark for the next few days, the bearish momentum took over. However, the bulls now find support at the $40.00 mark, and further downwards movement is unlikely in the short term.
Traders can expect LTC to move upwards towards the $50.00 mark as the bearish pressure evaporates. Furthermore, the selling activity is decreasing as trade volume dwindles. Traders should expect movement between the $43.00 and the $50.00 mark, with room for further upwards movement.