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Litecoin price analysis: Litecoin price not ready to challenge the $170 mark

TL;DR Breakdown

  • Litecoin price is expected to fall to $165
  • The closest support level is at $154
  • Litecoin price faces reisistance at $172

After finally climbing past the $190 mark, Litecoin price failed to continue its bullish rally and the price has seen a steady decline and is currently just below the $170 mark. While the price at press time holds just below $170, the bearish pressure is increasing and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the timeframe. Major Players include Dogecoin, and BNB that record a 4.03 and a 4.63 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 7.56 and a 2.52 percent hike

Technical indicators for LTC/USDT

Technical indicators for LTC/USDT by Trading view

Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator did saw a bullish reversal just yesterday and has remained bullish since at press time the indicator oscillates around the -2.00 mark. Across the EMAs, 12-EMAis trading above the 26-EMA with a high slope and continues diverging while both EMAs rise.

The RSI is currently trading in the neutral zone a little below the 52.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past two days. At press time the RSI has had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level.

The Bollinger bands at press time are wide However as the last few candlesticks are red the bands will converge in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Litecoin price to increase in the short term. Moreover, as the price is consolidating above the band’s mean line rather than below it, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 10 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only seven indicators issue buy signals suggesting bullish momentum. Meanwhile, nine 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 sell signal with 14 of the 26 indicators suggesting a bearish movement against only two indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing .

What to expect from Litecoin price?

4 hour price chart by Trading view

Traders can expect Litecoin price to decrease as both the short term and midterm indicators suggest a bearish trend. Traders can also expect low volatility for Litecoin price as the price may continue to fall to the $165 mark but will not fall to $160.Further downwards movement from $165 is unlikely given the bullish sentiment in the market.

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.

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