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Litecoin price analysis: Litecoin price ready to challenge the $160 mark despite bearish pressure

Cryptopolitan

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TL;DR Breakdown

  • Litecoin price is expected to rise to $160
  • The closest support level is at $157
  • Litecoin price is facing resistance at the $162 mark

After finally climbing past the $200 mark, Litecoin price failed to continue its bullish rally and the price has dropped to just below $160.While the price at press time holds just below $160, the bearish pressure is still there and the price may fall further in the immediate future if the selling continues.

Across the broader cryptocurrency market, the last 24 hours has observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include BNB and Dogecoin that record a 3.71 and a 2.31 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 1.31 and a 2.12 percent hike.


Technical indicators for LTC/USDT

Across the technical indicators, the MACD shows declining bearish momentum as observed in the decreasing size of the light red histogram. The indicator saw a bearish reversal at 8 pm yesterday and since then bearish pressure was increasing steadily, however recently bullish momentum has started to increase. Across the EMAs, the 26-EMA is trading above the 12-EMA, however, the difference between the two is negligible and they may show a reversal at any time.

The RSI is currently trading in the neutral zone a little above the 45.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 5 days. At press time the RSI has again had a small spike towards the overbought region suggesting an increasing bullish presence at the current price level.

The Bollinger bands at press time are narrow but as the last few candlesticks are green the bands will expand 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 below the band’s mean line, the bands will be leaning downwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only two 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 15 of the 26 indicators suggesting a bearish movement against only one indicator which suggests bullish momentum. Meanwhile, ten indicator remains neutral and do not issue any signals at the time of writing

What to expect from Litecoin price?

Trades can expect Litecoin price to go up momentarily to pass the $160 mark and even challenge the $161 mark.The short term and long term indicators issue a bearish trend hence after this small bullish rally traders should expect the bears to take the reins of the market and so the Litecoin price may drop to its support level or even further below .

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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