Litecoin price analysis: LTC rejected at $60, moves back to $57

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis suggests a downward movement to $54
  • The closest support level lies at 57.50
  • LTC faces resistance at the $60.00 mark

The Litecoin price analysis shows that the LTC price action was rejected at the $60.00 level and has moved down toward the $56.00 support level.

The broader cryptocurrency market observed a negative market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include NEAR and DOT, recording a 5.68 and a 5.18 percent decline, respectively.

Litecoin price analysis: LTC returns to $57.50

image 295
Technical indicators for LTC/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as expressed in the low height of the histogram. Furthermore, the lighter shade of the histogram suggests a declining bullish momentum and indicates that a bearish crossover is imminent.

The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. Moreover, as the two EMAs continue to move horizontally, the momentum would not increase on either side. On the other hand, the horizontal movement of both the 12 and the 26-EMA suggests a lack of trading activity from either side of the market. 

The RSI has been trading within the neutral region for the last seven days since dipping into the oversold region on 10 November. Currently, the indicator is trading near the mean position at 50.00 index unit level and hovers at 46.61. At press time, the indicator issues no signals while the horizontal position shows little pressure from either side.

The Bollinger Bands are currently narrow as the price action observes low volatility around the $58.00 mark. At press time, the indicator’s bottom line provides support at $55.84 while the upper limit presents a resistance level at $59.57. 

Technical analyses for LTC/USDT 

Overall, the 4-hour Litecoin price analysis issues a sell signal, with 12 of the 26 major technical indicators supporting the bears. On the other hand, four of the indicators support the bulls showing low 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 11 indicators suggesting a downward movement against six indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while showing significant buying pressure for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.

What to expect from Litecoin price analysis?

image 294
4-hour price chart by Tradingview

The Litecoin price analysis shows that after observing a sharp price drop to the $48.00 mark, LTC was able to defend the support level and the price recovered to the $57.00 mark. Currently, the bulls are trying to hold the $56.00 support level while the bears hold firm around the $58.00 mark.

Traders should expect LTC to move down toward the support level at the $54.00 mark. The suggestion is reinforced by bearish mid-term technicals that are becoming more bearish across the short term. However, if the bulls are able to defend the $56.00 mark, the price should instead climb toward the $60.00 level. 

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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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