- Bullish Litecoin price prediction in jeopardy as progress stalls near $260
- The pair steers clear of pivot point at $250 to target resistance at $280
- Rejection from $335 highs builds a fresh accumulation stage
- Bulls undertaking aggressive buying near $250 level for a renewed bull run
On Tuesday, Litecoin went down by 0.26 percent taking cues from Monday’s downfall. The LTC/USD pair ended yesterday near the $261 level and has since then been in stagnation. The rising Bollinger Bands are now contracting, and the pair is undergoing a significant squeeze as per Litecoin price prediction. The fall from $335 has been swift, and the bulls are looking for cover near the $250 level.
A low of $233 was enough to get the bulls back into action. The bounce back from the $233 lows has taken the sellers by surprise, and the pair closed the day around $250 level. The $246 resistance provided little defiance to the bulls, and they went on close the day at $254. At the time of writing, the LTC/USD pair is trading near the $261 level.
Next, the pair will find resistance at $281 as per Litecoin price prediction. The bulls would require massive volumes to cross the higher resistance at $300. However, the daily charts are showing positive bias, ensuring the Litecoin price prediction remains bullish.
Litecoin price movement in the last 24 hours: Price squeeze underway
The price has been largely stagnant in the past 24 hours. The pair is trading in a tight range of $260 to $235. The Bollinger Bands are now squeezing in to correct the downfall that began on Monday. The stagnant price action also shows that there can be more downfall in the coming hours as the bears regain momentum.
The first significant resistance at $281 will stall any aggressive bullish move. Litecoin is currently struggling near $262, the 23.6 percent Fibonacci support of the current bullish uptrend. A bearish end to the day can see the price action challenge the $230 level. In the present context, the candlestick is facing minor defiance near the $265 level.
Litecoin price prediction studies show that in the latest bull run, the LTC/USD pair broke past many support and resistance levels in a ferocious upmove. However, the same levels were left untested, and the pair were bound to re-test them during the downfall. We witness the same phenomenon as the pair struggles to move beyond $281 and then at $300.
LTC/USD 4-hour chart: More downfall on the charts
The pivot level at $257 is supporting the pair. However, the bearish action is rising, and the pair is struggling near $265. The RSI at the 47 level looks weak and shows a downward bias. The pair will likely extend losses if the volumes are dialed down in the next few hours. Litecoin’s price has seen a swift bearish downfall in the past two days and is currently in consolidation.
The bull run that began in the last week of March has seen the pair gain 55 percent in mere two weeks. The past two days saw the Litecoin market capitalization fall below $18 billion. The north-bound price channel is all but gone now, with muted hints by bulls trying to salvage the momentum and protect the support pivots.
The MACD is bearish on the hourly front. Additionally, Stochastic RSI is beginning to mark an hourly bear momentum. The remaining week can see the pair touch $220 lows amid a bearish Litecoin price prediction. Only a breakout from the $281 resistance can trigger fresh buying.
Litecoin price prediction conclusion: Bearish hold grows strong
The contracting Bollinger Bands are promoting stagnation in the price action. The resistance at $281 will likely cap any swift upside. Barring an extended crypto rally, the bulls may not be able to survive for long near the $285 level. A bounce-back may not last long as $300 now represents a tough resistance that may require massive volumes to cross.
Failure to protect the $257 level, representing the 23.6 percent Fibonacci level, will bring in a significant downfall that can see the price touch $220. The next support lies at $203, where the selling may subside to give way to consolidation. Also, the broader crypto market will play a role in Litecoin price stabilization.
On the daily LTC/USD charts, the bullish momentum remains intact. The price action on the daily charts can be termed consolidation instead of correction. Here. Litecoin price prediction is basking in the bull run glory.
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