- Litecoin price analysis suggests an upwards movement to $55
- The closest support level lies at $50.61
- LTC faces resistance at the $52.00 mark.
The Litecoin price analysis shows that LTC finds support at the $50.00 level and has started to climb back towards the $55.00 mark. Currently, the bearish pressure is decreasing across the short term as the buyers gain momentum.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include ETH and BNB recording a 7.00 and a 5.82 percent incline, respectively.
Litecoin price analysis: LTC recovers $52.00 support
The MACD is currently bearish as expressed in the green color of the histogram. However, the indicator shows low bullish momentum in recent hours as observed in the short height of the histogram which suggests weak selling momentum. Regardless, the darker shade of the histogram suggests a declining selling pressure as the price stabilizes above the $50.00 support.
The EMAs are currently trading below the mean position as net price movement over the last seven days remains negative. However, as the markets observe bullish activity, the EMAs move up towards the mean line, with the 12-EMA taking the lead. In recent hours the increasing gradient of the EMAs suggests an increasing buying activity in the LTC markets.
The RSI dived into the oversold region yesterday but has since climbed back into the recent. At press time, the index trades close to the 50.00 mean level and hovers at 50.01 moving horizontally to show slight buying pressure. The current position shows room for sharp movement in either direction, while the current slope suggests low pressure from either side of the market.
The Bollinger Bands has been moving in a downwards channel as the price slowly moved from the $60.00 mark to the $50.00 support level. The bands have been converging in the past few days as the price volatility declined across the short-term charts. Currently, the indicator’s mean line provides support at the $50.61 mark while the upper limit presents resistance at the $51.68 mark.
Technical analyses for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a sell signal with 10 of the 26 major technical indicators supporting the bears. On the other hand, only seven of the indicators support the bulls showing a significant bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Litecoin price analysis share this sentiment and issues a sell signal with 13 indicators suggesting a downwards movement against only four indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing weak buying pressure for the asset across the mid-term charts. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.
What to expect from Litecoin price analysis?
The Litecoin price analysis shows that the $60.00 rejection was the start of a short-term bearish rally for LTC. Currently, the price finds support at the $50.00 mark as the bulls try to fight back. However, the bearish pressure still weighs significantly on the asset’s price action.
Traders can expect LTC to move sideways around the $52.00 mark as while the bulls find support at the level, the bearish pressure still weighs on the price action. This suggestion is reinforced by the mid-term technical analyses which show a bearish dominance over both the 4-hour and the 24-hour charts but a declining momentum over the short-term charts. As such, the price can be expected to move between $50.00 to $55.00 with a potential upwards movement to the $60.00 mark.