- Litecoin price expected to fall to $150 support.
- The nearest support level lies at $175 and further below at $160.
- LTC faces resistance in crossing above $200.
Litecoin price has been rejected from the $200 price level after attempting to make a recovery back to the $200 price level. LTC has broken down to the $175.00 price level, with the buyers defending the support across the short term.
Litecoin price climbed to highs of $240 on the 20th of February but failed to cross above the price level. The following trend rejection caused the price to decline rapidly and fall to the $160 mark before the buyers could make a comeback. While making a recovery, the buyers faced resistance at the $180 level, which was overcome after a brief struggle, and at the $200 level, which caused the Litecoin price to spiral downwards once again.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD is bullish, as represented by the green histogram. However, the indicator shows a declining bullish momentum in recent hours, expressed by the light green histogram. While the 26-EMA continues to rise, the 12-EMA has started descending, suggesting a bearish convergence in the next few hours.
The RSI trades below 50.00 but remains firmly in the neutral zone. The indicator is currently trading near 40.00 with a decreasing slope that suggests bullish pressure at the price level. However, the indicator’s neutral position shows potential for a further breakdown towards the $150.00 price level.
The Bollinger Bands were wide until yesterday but have somewhat converged in recent hours. The indicator shows a bearish momentum with a bullish presence at the $175.00 mark. The price currently trades near the indicator’s mean line suggesting further convergence for the bands. Overall, the Bollinger bands suggest declining volatility for the Litecoin price.
Overall, the 4-hour technical analysis issues a strong sell signal, with 14 of the 26 major technical indicators suggesting a downwards price movement across the timeframe. On the other hand, only two indicators suggest an upwards movement for the Litecoin price action. Meanwhile, 10 indicators are neutral and do not issue any signals at the time of writing.
The 24-hour technical analysis shares this sentiment to a degree as the analysis issues a weak sell signal. Across the analysis, nine of the indicators suggest a bearish retracement, against seven suggesting a bullish price action. Meanwhile, 10 indicators sit on the fence, issuing no signals to support either side.
What to expect from Litecoin price?
Traders should expect Litecoin price to decline towards the $150 mark as the price action struggles in finding a strong support level. The weak bullish momentum and the negative technical analyses only contribute to this prediction. Traders can expect the price to breakdown to the $150.00 mark with a potential drop to the $125 mark before the price can rise to challenge $225.
Conversely, if the buyers successfully defend the $175.00 support, LTC may charge at $200. However, the low momentum would only result in another rejection at the level, causing the price to fall to $150.
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.