- Litecoin price expected to observe sideways movement before bullish breakout
- LTC faces resistance at the $300 mark
- The closest support level lies at $280 and further below at $260
Litecoin price has been rejected from the $300 price level and fallen back to the $280.00 mark. The increasing bearish pressure causes the price to lose momentum. However, LTC continues trading in the ascending channel it has been moving in since late March.
Across the last week, the broader cryptocurrency market has observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major profiteers include XRP and ADA that record a 62.72 and a 16.89 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 4.91 and a 15.14 percent hike.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD shows bullish momentum as observed in the dark green histogram. The indicator did briefly dip into the bearish region yesterday but has grown bullish again. Across the EMAs, 12-EMA is trading above the 26-EMA; however, the difference between the two is negligible, and they may show a reversal at any time.
The RSI is currently trading in the neutral zone a little above the 60 marks and does not issue a signal. The indicator has been trading in the neutral zone for the last two days; however, it did dip into the overbought region yesterday for an hour. Recently, the RSI indicator has had a massive spike towards the oversold region, suggesting a bearish presence at the current price level.
The Bollinger bands are currently wide but are converging rapidly as the bears take charge of the market momentum. Currently, the indicator suggests low Litecoin price volatility and shows an inclination towards the band’s mean line rather than the upper limit.
Overall, the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue a sell signal suggesting a bearish retracement. Meanwhile, ten indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 14 of the 26 indicators suggesting a bullish movement against only five indicators suggest a bearish retracement. Meanwhile, seven indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Litecoin price?
Litecoin price appeared to be breaking out of its ascending channel before the recent retracement. However, now that LTC is back inside the channel, traders can expect Litecoin price to continue its steady bullish momentum after a brief consolidation at the $280 mark.
Traders can expect to see a little volatility in the next few days as the price may fall to the $260.00 mark. However, further downwards movement is unlikely given the bullish sentiment in the markets and the positive technical analyses.
If buyers continue defending the channel’s bottom line, Litecoin price may break past the $300 mark in the next few days.
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