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Litecoin price analysis: LTC falls below $70.00 as the selling continues

Analytics

www.cryptopolitan.com 24 May 2022 04:04, UTC
  
Reading time: ~3 m

TL;DR Breakdown

  • Litecoin price analysis suggests a downwards movement to $65.00
  • The closest support level lies at $68
  • LTC faces resistance at the $72 mark.

The Litecoin price analysis shows that the bulls are unable to climb past $72.00 as trade volume dwindles amidst an undecided market. Currently, the price trades below $70.00 with both the bears and the bulls lacking in momentum to initiate a rally.  

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include MKR and AXS with a 6.82 and a 5.14 percent decline respectively.

Litecoin price analysis: LTC struggles around the $70.00 mark

TradingView Chart
Technical indicators for LTC/USDT by Tradingview

Across the technical indicators, the MACD is currently bearish across the 4-hour chart as expressed by the red color of the histogram. However, the indicator shows low bearish momentum at press time as expressed by the low height of the histogram. If the bulls are able to recover to the $72.00 mark, the indicator would exhibit a bullish crossover.

The EMAs are currently trading close to the mean line as the net market movement remains visibly low over the past few days with LTC sticking around the $70.00 mark. Currently, both EMAs are trading close to each other with the 12-EMA moving horizontally while the 26-EMA moves downwards hinting at a bullish crossover. 

The RSI has been trading in the neutral region for the past ten days as the price action oscillated around the $70.00 mark. At press time, the indicator is trading at the 47.65 mark hovering around the mean level. The current position leaves room for sharp movement in either direction while the current gradient shows a lack of momentum from either side of the market. 

The Bollinger Bands have been narrow for the past few days and remain narrow as the price action stagnates at the $70.00 mark. At press time, the indicator suggests low price volatility while its lower limit provides support to the buyers at $67.9. At the same time, the mean line presents resistance at the $73.1 price level. 

Technical analysis for LTC/USDT

Overall, the 4-hour Litecoin price analysis issues a sell signal, with 15 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, only two of the indicators support the bulls, showing little to no bullish presence in recent hours. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals at press time.

The 24-hour Litecoin price analysis shares this sentiment and also issues a sell signal with 15 of the 26 major technical indicators suggesting a downwards movement against only one indicator suggesting an upwards movement across the timeframe. At the same time, ten indicators remain neutral supporting neither side at the current time. 

What to expect from the Litecoin price analysis?

TradingView Chart
4-hour price chart by Tradingview

The Litecoin price analysis shows that the price action has stagnated at the $70.00 mark and is unable to break past the $72.00 mark as the buying momentum died down. As time passes, the bearish pressure continues to increase and a downwards breakout becomes more likely. Currently, speculation is high in the markets as eyes turn to Bitcoin as the asset oscillates around the $30,000 mark in an undecided market.

Currently, traders should expect the Litecoin price to move downwards towards the $65.00 support level as the momentum turns bearish. If the bulls are unable to defend the level, then the next support level lies at the $60.00 mark. The technical analyses are also suggesting a downwards movement to $65.00 that may snowball into a bearish market.

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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