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Litecoin price analysis: LTC finds support at $57, but can the bulls fight back?

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis suggests sideways movement below $60.00
  • The closest support level lies at $57.58
  • LTC faces resistance at the $60.95 mark

The Litecoin price analysis shows that LTC finds support at the $57.50 mark after breaking down from the $64.00 mark. However, the bears still dominate the markets across the daily frames.

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 DOGE and SOL, recording a 5.48 and 5.38 percent decline, respectively.

Litecoin price analysis: LTC finds support at $57.50

Litecoin price analysis: LTC finds support at $57, but can the bulls fight back? 1
Technical indicators for LTC/USDT by Tradingview

The MACD is currently bearish, as expressed in the red color of the histogram. Moreover, the indicator shows strong bearish momentum, as observed in the tall depth of the histogram. However, the lighter shade of the histogram suggests a declining bearish momentum across the short-term charts as LTC finds support above the $57.50 mark. 

The EMAs are currently trading below the mean position as net price movement over the last ten days remains low. However, as the markets observe buying activity, the EMAs show signs of a bullish convergence, with the 12-EMA moving back towards the 26-EMA, reflecting the recent buying activity.

The RSI has been trading inside the neutral zone since 29 July as the LTC price volatility remained low over the period. Currently, the indicator is trading around the 40.00 index unit level, moving upwards, suggesting a slight bullish pressure on the price action. However, the neutral position leaves room for movement in either direction, with the bears currently dominating the markets.

The Bollinger Bands have been narrow for the last couple of days but now show divergence as the price broke below the $60.00 mark. The expanding bands suggest increasing price volatility over the short-term charts. The indicator’s bottom line currently provides support at the $57.58 mark, while the mean line presents resistance at $60.95.

Technical analyses for LTC/USDT 

Overall, the 4-hour Litecoin price analysis issues a sell signal, with 13 of the 26 major technical indicators supporting the bulls. On the other hand, only five of the indicators support the bears showing little to no bearish presence in recent hours. At the same time, eight 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 buy signal with 11 indicators suggesting an upwards movement against only five indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing very low buying pressure for the asset across the same timeframe. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.

What to expect from Litecoin price analysis?

Litecoin price analysis: LTC finds support at $57, but can the bulls fight back? 2
4-hour price chart by Tradingview

The Litecoin price analysis shows that Litecoin is stabilizing above the $57.50 support level as the bulls fight back against the bears. However, the bears still dominate the short and mid-term charts, as expressed in the technical analyses. Regardless, the market sentiment is bullish at press time, suggesting further downwards movement is unlikely.

Traders should expect LTC to move sideways between the $55.00 and the $60.00 mark across the short-term charts, with an upwards breakout expected by late August. However, if the buyers are unable to defend the $55.00 mark, the price may break down to the $50.00 key support level.

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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