- Litecoin price analysis suggests upwards movement to $60
- LTC faces resistance at the $58.20 mark
- The closest support level lies at $55.10
The Litecoin price analysis shows that LTC has struggled to break above the $55.00 mark in the past few days as the bullish momentum fades. Today, the price has broken above the level but can the bulls persist against the bears?
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. Major players include NEAR and AVAX, recording a 7.57 and a 6.59 percent incline, respectively.
Litecoin price analysis: LTC makes another attempt at $60
The MACD is currently bearish as expressed in the red color of the histogram. However, the indicator shows little momentum in recent hours as observed in the low height of the histogram. Furthermore, the lighter shade of the histogram suggests a declining bearish momentum in the short term.
The EMAs are currently trading around the mean position as net price movement over the last seven days remains low. However, as the markets observe low activity, the EMAs move horizontally above the mean line, with the 12-EMA taking the lead. In recent hours the low gradient of the EMAs suggests a low trading activity in the LTC markets.
The RSI had dived into the oversold region on June 13 but has since moved back into the neutral region as the price action recovered to the $50.00 mark. At press time, the index trades around the overbought level at 70.00 and hovers at 61.79 moving upwards to show the buying pressure. The current position leaves room for volatile movement in either direction, while the current slope suggests pressure from the bullish side of the market.
The Bollinger Bands were moving in a wide channel until a few days ago but converged as the price action stagnated around the $55.00 mark. Currently, the narrowing indicators suggest a decline in price volatility as either side of market struggles for dominance. At press time, the indicator’s mean line provides support at the $55.08 mark, while the upper limit presents a resistance level at the $58.16 mark.
Technical analyses for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a buy signal with 14 of the 26 major technical indicators supporting the bulls. On the other hand, only three of the indicators supports the bears showing little to no bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Litecoin price analysis does not share this sentiment and issues a sell signal with 10 indicators suggesting a downwards movement against seven indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing strong 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 the bulls have made another attempt at the $60.00 mark, successfully breaking up to the $55 mark, however, the bearish activity still weighs on the price action across the mid-term charts.
Traders can expect LTC to move upwards towards the $60.00 mark if the bulls break above the $62.50 mark. However, if the bullish momentum remains low like at press time, the price would move sideways around the $55.00 mark. In either case movement below the $50 mark is unlikely.