- Litecoin price is expected to move sideways around $350
- LTC faces resistance at the $400 mark
- The closest support level lies at $350
Litecoin price has broken above the $310 mark, and strong bullish momentum has carried the price to go past the $380 mark. LTC records an over 24 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for volatile movement for the Litecoin price.
The broader cryptocurrency market enjoys a bullish sentiment across the last seven days, with most major cryptocurrencies recording profits across the timeframe. Major players include Ripple‘s XRP and ADA that record a 3.76 and a 6.26 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 2.55 and a 9.25 percent hike.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the price has finally climbed back above the $8.00 mark. While the 26-EMA still trades above the 12-EMA, the difference between the two is negligible, and they may show a reversal at any time.
The RSI at press time is 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 two days after a slight dip into the overbought region on 9th May. At press time, the RSI has again had a small spike towards the oversold region, suggesting an increasing bearish presence at the current price level.
The Bollinger bands are currently wide but are converging rapidly as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Litecoin price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue 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 two indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Litecoin price?
Litecoin price faces strong bearish pressure at the $400 mark, making it difficult for the price to climb above the level. The short-term indicators are bearish, while the mid-term analyses support the bulls suggesting a lack of momentum towards either side. Currently, traders should expect Litecoin price to move sideways as the price action stabilizes at the level before rising.
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.