Litecoin price analysis: LTC climbs back to $95.00, can the bulls breakthrough?
TL;DR Breakdown
- Litecoin price analysis suggests sideways movement below $96.00
- The closest support level lies at $92.00
- LTC faces resistance at the $98.00 mark
The Litecoin price analysis shows that the LTC price action has found support at the $92.00 mark and the price has recovered back to the $95.00 mark.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include VET and ICP recording a 2.79 and a 1.61 percent incline, respectively.
Litecoin price analysis: LTC finds support at $92.00
The MACD is currently bullish, as expressed in the green colour of the histogram. On the other hand, the indicator shows low bullish momentum as expressed in the shallow height of the indicator. Moreover, the lighter shade of the indicator suggests an increasing bullish activity as the price approaches the $95.00 mark.
The EMAs are currently trading very close to the mean position as net price movement over the last ten days remains low. Currently, the EMAs are trading close to each other showing low momentum at press time. On the other hand, the converging EMAs suggest a slowly declining bullish momentum.
The RSI was rapidly moving downards as the price fell from the $7.00 mark towards the $6.80 mark, but started to stabilize as the price found support at the level. At press time, the indicator trades near the mean level at 47.32 index unit level as the price suggests low net momentum with a gentle slope suggesting struggle between bears and bulls at the current level.
The Bollinger Bands are currently converging steadily as the price action stabilizes above the $92.00 mark. Moreover, as the price action trades close to the mean line, the indicator would observe further convergence across the timeframe. The indicator’s bottom line provides support at the $92.22 mark while the upper limit presents a resistance level at the $97.49 mark.
Technical analyses for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a sell signal, with 11 of the 26 major technical indicators supporting the bears. On the other hand, only six of the indicators support the bulls showing low 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 accentuates this sentiment and issues a strong buy signal with 11 indicators suggesting an upwards movement against only seven suggesting a downwards movement. The analysis shows bullish dominance across the mid-term charts with strong bearish resistance persisting. Meanwhile, the remaining eight n 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 Litecoin market is enjoying a strong bullish rally as the price rose from $72.00 to the $104.00 mark in the last 50 days. However, the price action observed a sharp crash at the level causing the price to drop back to $92.00 mark where it trades at press time.
Traders should expect LTC to consolidate around the $92.00 – $96.00 price level for a short period before the bullish rally continues. This suggestion is reinforced by the technical indicators which show bullish exhaustion across the short-term charts but strong bullish sentiment across the mid-term analyses. On the other side, movement below $90.00 is unlikely given the drift between the short and the mid-term charts.
