Litecoin price analysis shows that LTC found support at the $50.00 level and started climbing back up to the $55.00 level. The downside pressure is currently easing in the near term as buyers are gaining momentum.
The broader cryptocurrency market has seen a bullish market sentiment over the past 24 hours as most major cryptocurrencies have seen positive price action. The main players include ETH and BNB with slopes of 7.00 and 5.82 percent, respectively.
Litecoin Price Analysis: LTC Regains Support From $52.00
MACD is currently declining, reflected in the green color of the histogram. However, the indicator has shown a slight bullish momentum over the last few hours as seen at the top of the histogram, suggesting a weak selling momentum. However, the darker hue of the histogram indicates less selling pressure if price stabilizes above the $50.00 support.
The EMA is currently trading below the moving averages as the net price action has remained negative for the past seven days. However, as the market observes bullish activity, the EMA is moving towards the midline, with the 12 EMA leading the way. Over the last few hours, the increasing slope of the EMA indicates increased buying activity in the long-standing market.
The RSI dipped into oversold territory yesterday but has since risen back into recent territory. At press time, the index is trading near the mid 50.00 level and trading at 50.01, moving horizontally to show some buying pressure. The current position indicates room for sharp moves in both directions, while the current slope indicates weak pressure from both sides of the market.
Bollinger Bands are moving in a descending channel as the price is slowly moving down from the $60.00 level to the $50.00 support level. The bands have been converging over the past few days as the price volatility on the short-term chart has subsided. Currently, the middle line of the indicator offers support at the level of $50.61, while the upper limit offers resistance at the level of $51.68.
Technical analysis for LTC/USDT
Overall, Litecoin’s 4-hour price analysis provides sell signals, with 10 of the top 26 technical indicators favoring a decline. On the other hand, only seven indicators are in favor of the advance, suggesting a significant bullish presence over the last few hours. At the same time, nine indicators stand on the fence and do not support either side of the market.
Litecoin’s 24-hour price analysis shares this view, providing sell signals with 13 bearish indicators versus only four bullish indicators. The analysis shows a declining dominance on the medium term chart while also showing weak buying pressure for the asset on the medium term chart. While nine indicators remain neutral and provide no signals at the time of writing.
What to Expect from Litecoin Price Analysis?
Litecoin price analysis shows that the rejection of $60.00 is the start of a short-term bearish rally for LTC. The price is currently finding support at the $50.00 level as bulls are trying to hold on. However, downward pressure is still weighing on asset price action.
Traders can expect LTC to hover sideways around the $52.00 level because while buyers find support at that level, bearish pressure is still weighing on price action. This idea is supported by the medium term technical analysis, which shows a bearish dominance on the 4-hour and 24-hour charts, but is fading the momentum on the shorter-term charts. Therefore, the price can be expected to fluctuate between $50.00 and $55.00 with a possible move up to the $60.00 level.