Litecoin price analysis: LTC ready to challenge the $155 mark

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  • Litecoin price is expected to rise to $155
  • The closest support level lies at $152
  • Litecoin price is facing resistance at the $157 mark

Litecoin price has finally gone past the $148 mark and strong bullish momentum has carried the price to challenge the $155 mark. Litecoin price records an over 8.45 percent price hike across the last seven days showing extremely strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the time frame. Major players include Ripple‘s XRP, and Polkadot that record an 8.02 and a 12.1 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 7.83 and an 11.30 percent hike

Technical indicators for LTC/USDT

Litecoin price analysis: LTC ready to challenge the $155 mark 1
Technical indicators for LTC/USDT by Trading view

Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator did briefly dip into the bearish region on August 5, but has grown bullish again and oscillates around the 3.00 mark. Across the EMAs, 12-EMAis trading well above the 26-EMA with a high slope and continues diverging while both EMAs rise.

The RSI is currently trading just below the overbought region issuing a strong buy signal as the indicator trades just below the 70.00 mark. The indicator has been trading in the neutral region for the past 11 days with the bullish momentum only increasing in recent hours giving an extremely high buy signal.

The Bollinger bands at press time are wide and as the last few candlesticks are green the bands will expand further in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Litecoin price to increase in the short term. Moreover, as the price is consolidating closer to the upper limit rather than the band’s mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only one indicator issues sell signals suggesting a bearish retracement. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 12 of the 26 indicators suggesting a bullish movement against only four indicators suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing

What to expect from Litecoin price?

Litecoin price analysis: LTC ready to challenge the $155 mark 2
4 hour price chart by Trading view

Litecoin price is currently facing resistance at $157 mark but the market shows strong bullish sentiment .The short term technical indicators support the bulls while the midterm technical shows vast potential for sharp upward movement.As such traders should expect the price to break above the $155 mark at-least . Traders can expect an upward breakthrough even above the $157 mark if the current momentum continues.Moreover, if the bears take hold of the market the price will not go lower than the $149 mark.

Source: cryptopolitan.com

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