- Litecoin price analysis suggests a downward movement to $85.00
- The closest support level lies at $85.00
- LTC faces resistance at the $90.00 mark
The Litecoin price analysis shows that the LTC price action has fallen below the $87.50 support level as the bearish pressure increased.
The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include NEAR and AVAX, recording a 6.97, and a 6.09 percent decline, respectively.
Litecoin price analysis: LTC falls below $87.50
The MACD is currently bearish, as expressed in the red colour of the histogram. Moreover, the indicator shows steady bearish momentum as observed in the medium depth of the indicator. Furthermore, the darker shade suggests an increasing bearish pressure as the price approaches the $88.00 support level.
The EMAs are currently trading above the mean position as net price movement over the last ten days remains positive. Moreover, the EMAs trade at bay from each other suggesting steady bearish momentum. Moreover, the diverging EMAs suggest an increasing bearish pressure for the asset.
The RSI briefly rose to the overbought region but has since gone down toward the mean line as the bullish momentum slowed down. At press time, the indicator has retreated below the mean line at the 43.97 index unit level showing low bearish momentum. Moreover, the downward slope suggests a bearish pressure at the current price level as the price falls below the $88.00 mark.
The Bollinger Bands are currently narrow as the price action exhibits low volatility in recent days. However, the indicator is expanding as the price action observes bearish movement near the lower limit of the bands. The indicator’s bottom line provides support at the $86.36 mark while the mean line presents a resistance level at the $89.01 mark.
Technical analyses for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a sell signal, with 11 of the 26 major technical indicators supporting the bears. On the other hand, six of the indicators support the bulls showing a low bullish 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 does not share this sentiment and instead issues a buy signal with 12 indicators suggesting a downward movement against four suggesting an upwards movement. The analysis shows strong bearish dominance across the mid-term charts with significant bullish resistance persisting. Meanwhile, the remaining ten 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 the Litecoin market is enjoying a strong bullish rally as the price rose from $66.00 to the current $87.00 in the last 30 days. Currently, the price is facing strong bearish pressure at this level as the price action was rejected at the $92.50 mark and falls back towards the $85.00 mark.
Traders should expect LTC to move down to the $85.00 support level where the closest key support level lies. The suggestion is reinforced by the short-term indicators and the 4-hour technical analyses, both of which support the bears. On the other hand, while the mid-term technicals are bullish, they are yet to react to the recent price movements. If the bulls are unable to defend the $85.00 mark, the price would fall to the $82.50 mark.