TL; DR breakdown
- The Litecoin price is expected to rise to $ 220.
- LTC faces resistance as it crosses $ 210.
- The next support is at $ 200 and further down at $ 180.
Litecoin price has been declined from the price level of $ 240.00 and is gradually falling below the $ 200 mark. While LTC found near-term support around the $ 200 level, price action is still showing signs of strong bearish pressure.
After rising for much of February with bullish dominance, Litecoin price finally shows depletion as LTC breaks the trend at the $ 240 level. Since rejection at the $ 240 level, LTC has fallen to the $ 180.00 mark and while the price has rebounded above the $ 200 mark, a full recovery is still far away.
The broader cryptocurrency market has also seen negative market sentiment over the past 24 hours, with most of the major cryptocurrencies posting losses. These include Bitcoin and Ethereum, which saw declines of 4.2 and 6.55 percent, respectively.
Technical analysis for LTC / USDT
Across the technical indicators, the MACD shows a strong downward dynamic, as can be seen in the size of the red histogram. However, the indicator suggests a decreasing decreasing pressure in the last few hours when the histogram turns light. The two EMAs are both continuing to move down, but the slope of the 12 EMA has decreased significantly over the past six hours. The indicator is currently showing strong upward pressure at the USD 200 level.
The RSI is trading relatively low but remains in the neutral zone. The indicator appeared to be heading towards the oversold region until the price found support. Since then, the indicator has risen again to the 40.00 mark and is pointing to a further upward movement in the short term. The steep slope of the indicator indicates strong buyer activity at the price level.
The Bollinger Bands are expanding downwards, but the indicator would suggest convergence if the price rebounds to the USD 220 level. Currently, the indicator points to high volatility in the Litecoin price.
Overall, the 4-hour technical analysis gives a sell-signal as 10 of the 26 most important technical indicators point to a downward movement in the price. However, the signal is very weak as eight indicators counter the sentiment while another eight remain neutral and do not give a signal at the time of writing.
In addition, the technical 24-hour analysis contradicts this assessment and gives a strong buy signal with 12 of 26 indicators in favor of an upward movement. On the other hand, the analysis shows only five indicators that point to a declining retracement of the current price level. Nine indicators now remain neutral and do not support either side.
What can you expect from the Litecoin price?
Traders should expect the Litecoin price to rise back to the USD 220 price level. The strong support level and positive market sentiment suggest a bullish breakout of the level. Therefore, it is expected that the price will rebound to the USD 240 mark and try again to break above the price level.
Conversely, if the Litecoin price drops below the $ 200 level, LTC can take advantage of the $ 180 support again. Another downward move could result in a bear rally that could cause the price to drop to $ 150 and further below.
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