- The price of Litcoin is expected to rise above $260.
- The next disc is $240.
- LTC is facing resistance at $260 and beyond at the $280 price level.
After finally crossing the $320 mark, the Litecoin price failed to continue its upward trend and fell just above $248. Although the price is just below $248 at the time of writing, the price volatility is high and the possibility of a bearish reversal is also high; therefore, the price could fall further in the near future.
The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. The top currencies that suffered losses were Ripple XRP and BNB, which posted declines of -10.86% and -5.29%, respectively. Meanwhile, Bitcoin and Ethereum posted declines of -3.78% and -4.82%, respectively.
Technical indicators for LTC/USDT
According to the technical indicators, the MACD showed a bearish reversal two days ago and has remained bearish since. While the price action stagnated, the MACD also remained at low levels, indicating little bearish momentum in the markets. Currently, both EMAs are down, with the 12 EMA splitting from the 26 EMA and showing increasing bearish momentum at the time of writing.
The RSI is currently trading in the neutral zone just below the 40.00 level and has been in the neutral zone for the past two days, indicating strong bearish momentum. Today, the RSI is showing consistent oscillations into oversold territory, indicating increasing bearish momentum. However, the release shows a slight swing into overbought territory, indicating buyer resistance.
The Bollinger Bands are currently wide and will widen in the future based on dark green candlesticks. The widening of the band indicates increased volatility in the price of Litecoin, which currently sits just above $248. However, since the price is below the centerline of the band, the price could experience a bearish reversal.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 13 of the 26 major technical indicators supporting a bearish move. On the other hand, only four indicators give a buy signal, indicating an upward correction. Meanwhile, nine indicators continue to lag, supporting neither side of the market.
The 24-hour technical analysis does not share this view and gives a weak buy signal, while nine of the 26 indicators do not give a signal at the time of writing. At the same time, ten indicators show bullish momentum versus seven that show bearish momentum.
What can we expect from the Litecoin price?
Traders should expect the Litecoin price to bounce from the $240.00 level, as the price finds strong bullish support at this level. Technical indicators also point to the possibility of a reversal at current price levels. However, the price is under strong downward pressure and could be derived from the $260.00 level.
Traders should expect the Litecoin price to rise to $280.00, with a further rise unlikely due to selling pressure.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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