- Litecoin price analysis suggests downwards movement to $60.00
- The closest support level lies at $62.00
- BNB faces resistance at the $65.00 mark
The Litecoin price analysis shows that the LTC price action has fallen to the $62.00 mark as the bearish movement slows down.
The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include TON and LEO, recording a 9.85, and a5.32 percent decline, respectively.
Litecoin price analysis: LTC stabilizes at $62.00
The MACD is currently bullish, as expressed in the green colour of the histogram. However, the indicator shows low bullish momentum as observed in the low height of the histogram. On the other hand, the indicator’s lighter shade suggests that the bearish momentum has started to decline as the price action finds support at the $4.700 mark.
The EMAs are currently trading below the mean position as net price movement over the last ten days remains negative. However, as the two EMAs start to converge, the 26-EMA has started to show an upwards rotation suggesting an increasing buying potential. At press time, both EMAs are headed upwards suggesting buying activity in the markets.
The RSI has been trading in the oversold region for the past three days as the index dipped in and out of the region. Now, the index is trading at the 28.49 unit level where it hovers momentarily. The indicator issues a buy signal at the moment while the horizontal movement suggests a struggle for dominance between the bulls and the bears.
The Bollinger Bands were expanding to facilitate the volatile movements. However, the bands started to converge as the price founnd support at the $64.00 mark which may enable the bulls to stabilize the price action again. At press time, the indicator’s bottom line provides support at $61.33 while the mean line presents a resistance level at the $64.55 mark.
Technical analyses for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a sell signal, with 15 of the 26 major technical indicators supporting the bears. On the other hand, only one of the indicators supports the bulls showing little to no 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 13 indicators suggesting a downward movement against only four of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while low buying pressure exists 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?
The Litecoin price analysis shows that strong bearish momentum enabled the bears to cause a price drop to the $64.00 mark. However, the bulls found support at the level that enabled them to stabilize the price action. Despite the drop in volatility the bearish pressure still weighs heavily on the price action which has caused it to fall to the $62.00 mark.
Traders should expect LTC to continue its steady downwards movement as it falls towards the key support level at the $60.00 mark. The suggestion is reinforced by the mid-term technicals which issue strong bearish signals across both timeframes. In case of a bearish breakdown, the next support level lies at $58.00 and then down below the $56.00 mark.