- Litecoin price is expected to break above $300.
- The closest support level lies at $250.
- LTC faces resistance at the $280 mark and further above at the $300 price level.
Litecoin price has finally broken above the $270 mark, and bullish momentum has carried the price to challenge the $280 mark. LTC records an over 8 percent price hike across the last 24 hours, showing bullish dominance. The bullish momentum is expected to continue until the next resistance level, which is at the $300 mark.
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 2.1 and a 2.22 percent decrease, respectively. At the same time, few cryptocurrencies such as Ethereum, Solana, and DOT recorded bullish momentum.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD shows strong 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 and continues diverging while both EMAs rise.
The RSI is currently trading in the neutral zone a little below the 56.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past five days. At press time, the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands are currently narrow but will expand in the future due to the presence of dark green candlesticks. The bands’ expansion suggests an increase in volatility for the Litecoin price. Meanwhile, as the price is consolidating well above the bands’ mean line closer to the upper limit, the price will be leaning upwards for the next few candlesticks.
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. On the other hand, only one indicator issues sell signals suggesting a bearish retracement. Meanwhile, 10 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 15 of the 26 indicators suggesting a bullish movement against only one indicator suggests a bearish retracement. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Litecoin price?
Trades should expect Litecoin price to rise to test the $300.00 mark as the bulls dominate the market. The technical analyses and the rising trade volume suggest a bullish breakout, propelling Litecoin price to the $325.00 price level.
Conversely, if the price action is rejected at the $300.00 mark, Litecoin price would fall back to the $250.00 support level and continue consolidating at the level.
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.