- Litecoin price analysis suggests upwards movement to the $180 mark
- LTC faces resistance at the $165 mark
- The closest support level lies at $160
The Litecoin price analysis shows that the bulls have struggled free from the bears and now dominate the short-term charts as LTC makes a return to the $160 mark. While the price action faces resistance in leaving the $165.00 mark, the market sentiment remains highly bullish.
The broader cryptocurrency market observes a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include LUNA and NEAR recording a 15.56 and a 15.00 percent incline respectively.
Litecoin price analysis: Bulls in control
Across the technical indicators, the MACD is currently bullish as expressed by the green histogram. The indicators observed a bullish crossover yesterday and have remained positive since then. Currently, the indicator’s dark color shows an increasing bullish momentum as the buyer activity continues in the market. However, the price action struggles to climb past the $25.00 mark presenting strong resistance to LTC at press time.
The EMAs are currently moving upwards as the Litecoin market recovers. However, as time passes, the 26-EMA has been catching up to the 12-EMA suggesting a bearish pressure at the current price level.
The RSI was down in the oversold region on September 21 but has shown a strong retreat to the 50.00 index level since LTC recovered to the $160.00 mark. Currently the indicator is moving upwards showing strong buying activity occurring in the markets. However, the indicator’s neutral position leaves room for a volatile price movement in the short-term.
The Bollinger Bands are currently narrow but show divergence as the price action makes a breakout above the indicator’s mean line. The expanding bands suggest that the bulls are dominating the market at press time and the price volatility can be expected to rise across the short term charts. However, LTC would need to break above the $165.00 mark for that to happen.
Technical analysis for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a sell signal as 10 of the 26 major technical indicators support the bears across the timeframe. On the other hand, only seven indicators support the bulls showing low buying activity in the markets. 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 13 of the indicators suggesting a downwards price movement against only five indicators supporting the bulls across the timeframe. At the same time, eight indicators remain neutral and do not support either side of the market.
What to expect from the Litecoin price analysis?
The Litecoinprice analysis shows that LTC is currently observing a reversal of trend as the bulls gain control of the markets against the bears. The divide between the bullish short-term technicals and the bearish mid-term analysis also suggests a trend reversal. As such, traders should expect LTC to continue its upward movement as the price makes recovery to the $180 mark.
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