- Litecoin price expected to rise to $300.
- LTC faces resistance at $275.
- The closest support level lies at $250 and further below at $240.
Litecoin price has climbed past the $260 mark as the bulls finally broke above the level after struggling at the $250 mark. LTC records an over 30 percent price increase since last week as the price action shows steady bullish movement.
Across the broader cryptocurrency market, the last week has observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include XRP and BNB, which record a 47 % and a 34% increase, respectively. Meanwhile, Bitcoin price saw a hike of 7.6%, whereas Ethereum recorded a 4.33% rise.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD shows strong bearish momentum. Until 8 am yesterday, the indicator was showing bullish momentum for Litecoin price action; however, since then, the indicator exhibited a bearish reversal as the 26-EMA overtook the 12-EMA. The indicator again exhibited a reversal in recent hours, but it remains to be seen whether the indicator would continue in this direction.
The RSI is currently trading in the neutral zone a little below the 60 marks and does not issue a signal. The indicator has been trading in the neutral zone for the last two days. Recently, the RSI indicator has had a massive spike towards the overbought region, suggesting a bullish presence at the current price level.
The Bollinger bands are currently wide. However, as the bulls show signs of stagnation in recent hours, the Bollinger bands will converge in the short term. Currently, the indicator suggests high Litecoin price volatility in the short-term but shows an inclination towards the upper limit as the price consistently above the bands’ mean line.
Overall, the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. Whereas only one signal indicates a sell signal indicating bearish movement. Meanwhile, 10 indicators sit on the fence and do not support either side of the market at press time.
The 24-hour technical analysis shares this sentiment and issues a buy signal with 15 of the total 26 major technical indicators suggesting a bullish movement. On the other hand, only two indicators suggesting a bearish retracement. At the same time, 10 indicators remain neutral at the time of writing and do not issue any signals at the time of writing.
What to expect from Litecoin price?
Traders should expect Litecoin price to continue in its ascending channel as the technical analyses still show strong bullish momentum in the markets. The suggestion is supported by the positive technical indicators that suggest a bullish breakout above the $275 mark towards the $300 mark. The relatively high trade volume further supports this idea and shows high buying volume.
Conversely, if the Litecoin price fails to break above the $275 mark, LTC would fall back to the $250 mark before finding support. However, even then, it is unlikely to break out of the current ascending channel.
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.