Litecoin price prediction: LTC to retest $225 support

Litecoin price

TL;DR Breakdown

  • Litecoin price expected to fall to $200.
  • The closest support level lies at $225 and further below at $200.
  • LTC faces resistance at the $260 mark.

After finally climbing past the $320 mark, Litecoin price failed to continue its bullish rally, and the price has dropped to just below $260. While the price at the time of writing holds just below the $260 mark, Litecoin price volatility is low, and the bearish pressure remains; hence the price may fall further in the immediate future.

The broader cryptocurrency market observes a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Ripple‘s XRP and BNB that record a -21.42 and a -13.52 percent decrease, respectively. Meanwhile, Bitcoin and Ethereum record a -10.20 and a -11.40 percent decrease, respectively.

Technical indicators for LTC/USDT

Litecoin price prediction: LTC to retest $225 support 1

Across the technical indicators, the MACD shows an increasing bearish momentum as observed in the increasing size of the dark red histogram. The indicator has seen bearish movement since yesterday and has fallen to below $4.00. Across the EMAs, the 12-EMA is trading below the 26-EMA and continues diverging while both EMAs fall.

The RSI is currently trading in the neutral zone just below the 40.00 mark and has been in the neutral region since yesterday, seeing high bearish momentum. Recently the RSI has again had a small spike towards the oversold region, suggesting increasing bearish momentum giving a clear indication to sell.

The Bollinger bands at press time are wide, but they will converge in the immediate future due to the presence of dark red candlesticks. The convergence of the bands suggests a decrease in volatility for the Litecoin price. Meanwhile, as Litecoin price is consolidating below the bands’ mean line, the bands would continue to lean downwards for the next few candlesticks causing the price to decrease.

Overall the 4-hour technical analysis issues a sell signal with 12 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, four indicators issue buy signals suggesting a bullish retracement. Meanwhile, 10 indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis does not share this sentiment and issues a buy signal with 12 of the 26 indicators suggesting a bearish movement against only four indicators suggest a bullish retracement. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing.

The contradiction between the 12 and 24-hour technical analysis shows a trend reversal for Litecoin price as the LTC trend turns from bullish to bearish.

What to expect from Litecoin price?

Litecoin price prediction: LTC to retest $225 support 2

Traders should expect Litecoin price to continue falling as the price drops towards the $225.0 mark. The technical indicators and the mid-term technical analyses suggest a drop to the $2000 mark before finding strong support to recover.

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.

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.

Related News

Hot Stories

How to Stake Kava: Is 110% APY on BUSD legit?
Avalanche price analysis: AVAX continues to move upwards with $35 target
How to Stake on Uniswap: A Quick Guide to Passive Income
Aave price analysis: AAVE increases value by 3.5% after strong bullish movement
Ethereum price analysis: ETH wobbles near $1,700 as bulls desperate to touch $1,800

Follow Us

Industry News

Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund