Litecoin price analysis: LTC rejected at $60, moves downwards

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis suggests sideways movement below $60.00
  • The closest support level lies at $57.19
  • LTC faces resistance at the $60.10 mark

The Litecoin price analysis shows that LTC has failed to break above the $60.00 resistance level and has fallen back to the $57.00 mark. 

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 KSM, recording a 5.90 and 5.67 percent decline, respectively.

Litecoin price analysis: LTC rejected at $60

Litecoin price analysis: LTC rejected at $60, moves downwards 1
Technical indicators for LTC/USDT by Tradingview

The MACD is currently bearish as expressed in the red color of the histogram. However, the indicator shows low 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 above the mean position as net price movement over the last seven days remains positive. 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 was very high yesterday as it touched the border of the overbought region but has moved down since. At press time, the index trades around the mean level at 50.00 and hovers at 54.49 moving downwards to show the slight selling pressure. The current position leaves room for volatile movement in either direction, while the current slope suggests low pressure from the bearish side of the market.  

The Bollinger Bands were moving in a wide channel until June 22 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 the market struggles for dominance. At press time, the indicator’s mean line provides support at the $57.19 mark, while the upper limit presents a resistance level at the $60.10 mark. 

Technical analyses for LTC/USDT 

Overall, the 4-hour Litecoin price analysis issues a buy signal with 12 of the 26 major technical indicators supporting the bulls. On the other hand, only five of the indicators support the bears showing significant 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 11 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, eight indicators remain neutral and do not issue any signals at press time.

What to expect from Litecoin price analysis?

Litecoin price analysis: LTC rejected at $60, moves downwards 2
4-hour price chart by Tradingview

The Litecoin price analysis shows that while the bulls have made another attempt at the $60.00 mark, the unsuccessful attempt has caused the price to fall back to the $58.00 mark. Currently, the price is moving sideways between the $55.00 support level and the $60.00 resistance level while the momentum remains low on either side.

Traders can expect LTC to move sideways as the market speculates about Bitcoin’s next move. This suggestion is reinforced by the mid-term technical analyses which show a divide between the 4-hour and the 24-hour charts. As such, the price can be expected to move between $55 to $60 with a potential downwards movement to $50.00

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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