TL;DR Breakdown
- Litecoin price analysis suggests upwards movement to $130
- The closest support level lies at $120
- LTC faces resistance at the $128 mark.
The Litecoin price analysis shows that the asset’s price action was rejected at the $144.00 mark and has fallen back to the $120.00 support level. Although the buyers have recovered to the $128.0, the selling pressure at $130 still haunts LTC price action.
The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include AVAX and SOL recording a 8.73 and 6.55 percent incline respectively.
Litecoin price analysis: Buyers recover $125, eye $130 next
Across the technical indicators, the MACD is currently bullish as expressed in the green color of the histogram. Furthermore, the indicator’s dark shade suggests an increasing bullish momentum in press time as the price action approaches the $130.00 resistance level. However, the short height of the indicator suggests low momentum which might be overturned by a drop below the $120.00 mark.Â
The EMAs are currently trading close to the mean position as the LTC price observes low net activity over the past few days as the price action consolidates at the $83.00 mark. At press time, the 26-EMA is moving horizontally while the 12-EMA has reacted to the recent movements and moves upwards with a gentle slope.
The RSI was trading high in the neutral zone until 10 February but now hangs close to the mean level at 50.00 index units. The indicator hovers at 52.71 index units showing slight bullish dominance at the current time. The indicator’s position leaves room for sharp movement in either direction while the horizontal movement suggests a slight bearish pressure at the current price level.Â
The Bollinger Bands are currently narrow but shows divergence as the price action breaks above the $130.00 mark. The breakthrough would suggest an increase in Litecoin price volatility across the short term. Currently the indicator’s mean line provides a support to the buyers at the $125.30 mark while the upper limit acts as resistance at the $128.70 mark.Â
Technical analysis for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a buy signal with 13 of the 26 major technical indicators showing support to the bulls across the timeframe. On the other hand, only five of the indicators support the bulls, suggesting a significant bullish presence in recent hours. Meanwhile, the remaining eight indicators sit on the fence and do not issue any signals at press time.
The 24-hour Litecoin price analysis shares this sentiment and issues a buy signal with 10 major technical indicators suggesting upwards movement against only seven indicators suggesting further upwards movement. The analysis reaffirms the bullish dominance while showing high bearish pressure across the mid-term charts. At the same time, nine indicators remain neutral and do not support either side of the market.
What to expect from the Litecoin price analysis?
The Litecoin price analysis shows that after finding strong bearish pressure at the $142.00 mark which rejected the trend causing LTC to crash to the $120.80 mark. The wavelike bearish activity enabled the sellers to cause a significant price drop without a bounce back from the buyers. At press time, the buyers have recovered to the $128.00 price level but the selling pressure persists.Â
Currently, traders should expect the Litecoin price analysis to move upwards towards the $130.00 mark as the bulls fight back to recover the $140.00 mark. The market sentiment is also turning bullish reinforcing this suggestion. The mid-term technical analysis also suggests that the bulls still dominate the daily charts.
