- 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
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?
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.