- Litecoin price expected to retest $215
- LTC faces resistance in crossing above the $205 mark
- The closest support level lies at $200 and further below at $190.
Litecoin price action found support at the $190.00 mark after being rejected at the $217.00 price level. Currently, the indicator has made a recovery to the $200 mark but faces resistance in climbing above the level.
The broader cryptocurrency market shows a mixed market sentiment, with most major cryptocurrencies recording slight movement in either direction. Notable performances were recorded for Binance Coin that recorded a 6.6 percent gain, and Solana records a 7.65 percent increase.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD exhibited a bearish reversal yesterday as Litecoin price dropped from above $215 to below the $200 mark. The indicator showed strong bearish momentum, as observed in the large red histograms. However, the indicator has been suggesting a declining bearish momentum in recent hours as the price finds support at the $190.00 mark.
The two EMAs are both moving downwards, but the 26-EMA is catching up to the 12-EMA, suggesting a bullish presence at the current price level.
The RSI is neutral, and trades close to 50.00 as the price stabilizes above the $200 MARK. The indicator briefly rose to the overbought region yesterday but has since dropped back to the neutral region. The indicator has been trading along the x-axis in recent hours as the price action stumbles in generating momentum.
The Bollinger Bands were wide until yesterday, but since the rejection at the $215.00 mark, the indicator has started converging. Currently, the indicator’s upper and lower limits are moving inwards, suggesting a drop in Litecoin price volatility. The price is rising at press time but faces resistance in climbing above the indicator’s mean line.
Overall, the 4-hour technical analysis issues a buy signal of reasonable strength, suggesting an upwards price action across the timeframe. The analysis shows 13 of the 26 major technical indicators exhibiting support for a positive price action across the timeframe, while only four indicators suggest a bearish retracement. Meanwhile, nine indicators sit on the fence and do not issue any signals at the time of writing.
The 24-hour technical analysis accentuates this sentiment and issues a “strong-buy” signal with 15 indicators in favour of a bullish price action against only one indicator suggesting otherwise. Meanwhile, 10 indicators remain neutral and do not issue any signals supporting either side of the market.
What to expect from Litecoin price?
Traders should expect Litecoin price to retest the $215 mark as the price makes a V-shaped recovery to the level. The positive technical analyses and the supportive indicators suggest a bullish breakout. Furthermore, the relatively high trade volume enables the Litecoin price action to gain significant momentum behind the movement.
On the other hand, Litecoin price action may face rejection at either of the $205 and the $215 resistance levels. Any such rejection can cause Litecoin price to fall to the $180.00 mark before finding support.