Litecoin price analysis: LTC makes another attempt at $80, can the bulls breakthrough?

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis suggests upwards movement to $85
  • The closest support level lies at $75
  • LTC faces resistance at the $80 mark

The Litecoin price analysis shows that the LTC price action finds strong resistance at the $80.00 mark and has retraced to the $75.00 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 DOGE and XRP, recording an 8.83, and a 7.38 percent decline, respectively.

Litecoin price analysis: LTC falls back to $75

image 413
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 bearish momentum as expressed in the low depth of the histogram. On the other hand, the darker shade of the histogram suggests an increasing bearish momentum and indicates that the price is headed downwards.

The EMAs are currently trading high above the mean position as net price movement over the last ten days remains positive. However, as the two EMAs diverge and move downwards, the selling activity is bound to rise. Currently, the 12-EMA is leading the run towards the mean line suggesting an increasing bearish activity in the markets.  

The RSI rose high yesterday as the index rose to the overbought level but has since recovered back towards the mean position. Currently, the index hovers at 58.85 with a slight upwards slope. The indicator issues no signals while the gentle slope shows low market pressure.

The Bollinger Bands were wide recently as the price observed sharp bullish activity. However, as the price faces strong resistance at the $80.00 mark, the bands have started to converge around the level. At press time, the indicator’s bottom line provides support at $64.41 while the upper limit presents a resistance level at $86.34.

Technical analyses for LTC/USDT

Overall, the 4-hour Litecoin price analysis issues a buy signal, with 11 of the 26 major technical indicators supporting the bulls. On the other hand, five of the indicators support the bears showing significant bearish 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 does not share this sentiment and issues a sell signal with 14 indicators suggesting a downward movement against five indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while low buying pressure for the asset across the same timeframe. Meanwhile, seven indicators remain neutral and do not issue any signals at press time.

What to expect from Litecoin price analysis?

image 412
4-hour price chart by Tradingview

The Litecoin price analysis shows that the bearish pressure that caused the price to fall to $75.00 has mostly evaporated as the bulls are trying to make another attempt at the $80.00 level

Traders should expect LTC to move up toward the $80 mark where the key resistance lies, a bullish breakout would enable the price to stabilize at the level and rise to $85. The suggestion is reinforced by the mid-term technicals. However, in case of a rejection, the price can be expected to observe a sharp drop to the $70.00 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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