Litecoin price analysis: LTC finds support at $190, is recovery to $220 plausible?
- Litecoin price analysis suggests downwards movement to $180
- The closest support level lies at $190
- LTC faces resistance at the $200 mark
The Litecoin price analysis shows that after being rejected from the $225 mark, LTC dropped to the $190 level before finding support. Since then, while the price has recovered somewhat, LTC is still unable to break above the $200 mark.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include ETH and BTC recording a 10.01 and an 8.28 percent decline respectively.
Litecoin price analysis: Market speculation high as LTC consolidates at $195
Across the technical indicators, the MACD is currently bearish as observed in the red color of the histogram. However, the lighter shade of the indicator suggests that LTC is observing a decline in the bearish momentum as the price continues to trade between the $195 and the $200 mark for more than 24-hours as volatility drops. While the buyers defend the $195 support level, they are unable to gather enough momentum to initiate another rally above $200.
The EMAs are currently trading close to the mean position as Litecoin records little net movement across November. At press time, the 26-EMA is moving downwards reflecting the sudden decline from the $225 price level. On the other hand, the 12-EMA has reacted to the recent price movements reflecting the sudden crash and recovery and currently moves with an upwards slope.
The RSI is currently neutral but trades low at the 39.22 index unit level suggesting a strong bearish pressure on the price action. Furthermore, the indicator trades near the oversold territory showing little room for further downwards movement across the short-term charts. At press time, the indicator moves horizontally showing a lack of momentum from either side.
The Bollinger Bands are currently wide and continue to suggest high price volatility for LTC as the bands remain wide. While the bears breached the bands’ lower limit, it was only momentarily and the limit provides a support level at $185 to the buyers at press time. Meanwhile, the bands’ mean line presents a resistance level at $208 for the bulls to overcome.
Technical analysis for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a sell signal with 14 of the 26 major technical indicators showing support to the bears. On the other hand, three of the indicators support the bulls suggesting that there is significant buying activity occurring in the markets. Meanwhile, the remaining nine indicators sit on the fence and issue no signals at the time of writing.
The 24-hour Litecoin price analysis shares this sentiment and issues a sell signal with 11 indicators suggesting a downwards price movement against seven indicators suggesting an upward price movement. The analysis reaffirms the bearish dominance in the markets, the mid-term charts but suggests that the trend might be changing across the short-term as more technicals turn bullish.
What to expect from the Litecoin price analysis?
The Litecoin price analysis shows that LTC is currently stuck in a region of low price volatility as the bears and the bulls struggle for market dominance. At press time market volatility is low but it can be expected to escalate sharply as soon as any side initiates a rally.
Currently, traders should expect the Litecoin price analysis to move upwards to challenge the $200 mark as the short-term technical indicators appear to support the buyers. However, as momentum remains low it is unlikely that LTC would break above and instead continue falling towards the $180 support.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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