- Litecoin price expected to retest $160
- The closest support level lies at $130
- LTC faces resistance in crossing above the $150 mark
Litecoin price found support at the $130.00 price level, andÂ LTCÂ has recovered to the $140.00 level. The bullish market sentiment makes it seem like Litecoin price is going to retest the $160.00 level.
The broader cryptocurrency market also observes bullish sentiment across the last 24-hours as most major cryptocurrencies record gains across the period. These include Bitcoin and Ethereum that observe a price increase of 2.84 and 6.66 percent, respectively.
Litecoin price overview: Litecoin price across the last ten days
LitecoinÂ price had a strong start to 2021 asÂ LTCÂ quickly found bullish support rising above the $125 mark. The bullish momentum carried the price to the $180 mark with wave-like activity as the price traded above an ascending channel. The price could not hold at the $180 level and faced strong rejection causing the price to fall to theÂ $120.00 mark.
Since then, the price has failed to climb above the $160.00 mark and continues to trade around the $140 mark. Currently, the price is observing bullish momentum as it recovers to the $140 level. However, whether the price continues rising remains to be seen.
Across the technical indicators, the MACD has exhibited a bullish reversal as the 12-EMA rose above the 26-EMA. The indicator now shows increasing bullish momentum as the two EMAs continue diverging further.
The RSI is neutral and moving upwards, suggesting bullish momentum. The indicator is currently trading close to 50.00, suggesting room for sharp upwards movement before the price may need a correction.
The Bollinger bands were expanding downwards but now show convergence as the price approaches the indicatorâ€™s mean line. The indicator may suggest a bullish reversal if Ethereum breaks above the $145.00 mark and start expanding upwards.
Overall, the four-hour technical analysis issues a buy signal, but the signal does not have much strength as ten of the 26 major technical indicators remain neutral. Meanwhile, ten indicators issue a buy signal while the remaining six are issuing a sell signal.
The 24-hour technical analysis shares this sentiment as nine indicators issue buy signals while eight indicators support a bearish movement. Meanwhile, nine indicators remain neutral, not leaning towards either.
What to expect from Litecoin price?
Traders should expect Litecoin price to rise to the $150 level before retesting the $160.00 resistance level. While the indicators support a bull rally, it would be difficult forÂ LTCÂ to climb above the $160 level due to the low momentum. UnlessÂ LTCÂ observes an increase in trading volume, Litecoin price may not even rise above the $150 mark.
Conversely, ifÂ LTCÂ falls below the $130 support level,Â LTCÂ may revisit the $120.00 level. Further downwards movement may mean a decline to the $110 level. However, that is unlikely considering the bullish market sentiment observed by the cryptocurrency market.