TL;DR Breakdown
- Litecoin price analysis suggests downwards movement to $66
- The closest support level lies at $67.50
- LTC faces resistance at the $68.00 mark
The Litecoin price analysis shows that the LTC price action has fallen below the $68.00 mark as the bears dominate the markets
The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements with low volatility. Major players include SOL and HBAR, recording a 9.68 percent and a 5.83 percent decline, respectively.
Litecoin price analysis: LTC falls below $68.00
The MACD is currently bearish, as expressed in the red colour of the histogram. Moreover, the indicator shows low bullish momentum as observed in the low height of the histogram. Furthermore, the indicator’s darker shade suggests that the bullish momentum is increasing across the timeframe as the price falls below the $68.00 mark.
The EMAs are currently trading above the mean position as net price movement over the last ten days remains negative. However, the two EMAs are moving downwards suggesting bearish activity in the markets. On the other hand, the two EMAs are diverging suggesting an increase in the bullish momentum across the short-term charts.
The RSI briefly rose to the overbought region yesterday but quickly returned to the neutral region where it currently trades. Now, the index is trading at the 44.16 unit level with a slight downwards slope. The indicator does not issue a signal at the moment while the low slope suggests low bearish pressure across the markets.
The Bollinger Bands are currently narrowing as the price trades around the $68.00 support level. At press time, the indicator’s bottom line provides support at $65.53 while the upper limit presents a resistance level at the $71.93 mark.
Technical analyses for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a sell signal, with 14 of the 26 major technical indicators supporting the bears. On the other hand, three of the indicators support the bulls showing significant presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Litecoin price analysis shares this sentiment and also issues a sell signal with 13 indicators suggesting a downward movement against only four of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while low buying pressure exists for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time
What to expect from Litecoin price analysis?
The Litecoin price analysis shows that bulls initiated a bullish rally from the $65.00 level to the $72.00 mark but failed to cross the resistance level or establish a foothold and subsequently fell back to the $68.00 support level. At press time, the bears have pushed the price below the $68.00 mark but the bullish support still exists at the level.
Traders should expect LTC to move further downwards as the bears push through the current support level. The short and mid-term technicals are both bearish suggesting downwards movement to the $66.00 support level.
