TL;DR Breakdown
- Litecoin price expected to climb to $170 resistance before rising to $180.
- The closest support level lies at $160.00.
- LTC faces resistance in climbing above the $165 mark.
Litecoin price has once again risen to test the $160.00 resistance level. The price had fallen to $145 after being rejected at the price level but has now recovered and is moving back to test the resistance in hopes of a bullish breakout.
After spending the latter part of January stuck below the $140 mark, Litecoin price finally achieved a breakthrough in February. The breakout from the level initiated a bull rally that carried the price to the $160 level before stopping. However, the price action was unable to close above the level and suffered a strong rejection from the level.
As such, the price declined below the level falling to the $150.00 mark until today. Today the price has observed strong bullish activity as the price climbs above the $160.00 mark as LTC continues its rise back towards the $180 mark.
The broader cryptocurrency has also observed strong bullish movements across the last 24 hours as Bitcoin broke above the $40,000 mark. Similarly, Ethereum has also broken above the $1,500 mark and crossed above the $1,700 price level setting a new all-time high.
LTC/USD Technical indicators
Across the technical indicators, the MACD has exhibited a bullish reversal as the 12-EMA crossed above the 26-EMA. The indicator now shows green histograms suggesting bullish momentum, and while the two EMAs both move upwards, the 12-EMA has a steeper slope suggesting an increasing buyer pressure.
The RSI is relatively high as the indicator approached the 70.00 mark. However, the recent retracement from the $166.00 mark has caused it to decline. Currently, the indicator is at 61.56 with a steep slope suggesting strong bearish pressure at the price level.
The Bollinger bands are currently narrow but show expansion. The price is trading near the indicator’s upper limit, so the indicator is expected to expand in the next few hours. The indicator suggests an increase in Litecoin price volatility in the short-term.
Overall, the four-hour technical analysis issues a buy signal of reasonable strength as 16 of the 26 major technical indicators suggest a bullish movement for Litecoin price. On the other hand, only one indicator suggests a bearish pullback, while the remaining nine do not issue any signals supporting either side.
The 24-hour technical analysis contradicts this sentiment and issues a ‘strong buy’ signal with 17 indicators suggesting a positive price action against zero, suggesting a pullback from the current price level. Meanwhile, nine indicators remain neutral and do not support either side.
What to expect from Litecoin price?
Traders should expect Litecoin price to continue its upwards rally to the $170.00 mark. The bullish sentiment and the increasing trade volume suggest a bullish breakout to the $180 resistance level.
Conversely, if Litecoin price falls below the $160.00 support level, LTC may fall back to the $150 mark before finding support. Further downwards movement may cause the price to fall to $140.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
