- Litecoin price is expected to fall to the $200 mark.
- The closest support level lies at $220 and further below at the $200 mark.
- LTC faces resistance at the $240 and further above at the $260 mark.
After climbing to the $320 mark, Litecoin price failed to continue its bullish rally, and the price broke down to the $280.00 level, where it hovered until the 22nd of April when it declined to the $220 mark. While the buyers defended the support level, the price action has been unable to climb above $240 due to the strong selling pressure.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major players include ADA and BNB that record a 14.79 and a 9.75 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 23.32 and a 5.72 percent hike.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly. Across the EMAs, the 12-EMA still trades below the 26-EMA while the difference between the two is significant; however, they may show a reversal at any time.
The RSI is currently trading in the neutral zone a little below the 44.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time, the RSI has again had a small spike towards the overbought region, suggesting that the buyers are fighting back.
The Bollinger bands are currently wide and 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 below the bands’ mean line, the price may show a bearish reversal at any time.
Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only one indicator issues a buy signal suggesting bullish momentum. 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 is neutral, with nine of the 26 indicators issuing no signals at press time. Meanwhile, nine indicators issue a sell signal suggesting a bearish movement against eight indicators issuing a buy signal suggesting a bullish movement for the Litecoin price.
What to expect from Litecoin price?
Traders should expect Litecoin price to fall back to the $220.00 mark as the price action is still facing strong bearish pressure. The negative technical analyses and the bearish short-term indicators suggest a drop to the $200 psychological level.
Conversely, if Litecoin price breaks above the $240.00 mark, the next resistance lies at the $260.00 mark. However, that is unlikely given the dwindling trade volume.
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.