- Litecoin price expected to face rejection at $300
- The closest support level lies at $275
- LTC faces resistance at the $300 mark
Litecoin price has broken above the $250.00 mark, and strong bullish momentum has carried the price to challenge the $280.00 mark. LTC price records an over 24 percent price hike across the last seven days showing strong bullish dominance. Meanwhile, this sharp bullish activity has resulted in a volatile price movement.
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 BNB and DOGE that record a 4.51 and a 3.95 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 3.9 and a 10.33 percent hike.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD just recently saw a bullish reversal, and although the size of the histogram is small, it has turned dark green. The indicator did dip into the bearish region yesterday but has now become bullish again as the Litecoin price oscillates around the 4.60 mark. Across the EMAs, the 12 EMA has overtaken the 26 EMA while both EMAs are currently rising.
The RSI is currently trading in the neutral zone a little below the 64.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past two weeks. For the past few days, the RSI has had small spikes towards the overbought region; however, at press time, it has had a spike towards the oversold region, suggesting a declining bullish presence.
The Bollinger bands at press time are wide, but as the last candlesticks are red, the bands will converge in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Litecoin price to decrease in the short term. However, as the price is consolidating closer to the upper limit than the band’s mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. 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 buy signal with 15 of the 26 indicators suggesting a bullish movement against only one indicator suggests a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Litecoin price?
Traders should expect the Litecoin price action to continue upwards with the recent bullish crossover exhibited by the short-term technical indicators. The Litecoin price should reach a high of $300 before retracing due to the bearish pressure. LTC faces strong resistance at the $300 mark that cannot be broken through with the low momentum and low trade volume that the network is currently observing. As such traders should expect LTC to revisit the $270 mark.
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.