- Litecoin price analysis suggests stability at the price level of $62-66.
- The closest support level lies at $64.00
- LTC faces resistance at the $65 mark
The litecoin price Analysis shows that LTC price action has fallen to the $64.00 mark as bears take over the market.
The overall cryptocurrency market saw negative market sentiment over the past 24 hours, as most major cryptocurrencies posted negative price movements. Major players include DOT and SOL, which posted a 7.22 and 5.97 percent decline, respectively.
Litecoin Price Analysis: LTC Returns to $64.00
The MACD is currently bearish, as expressed by the red color of the histogram. Furthermore, the indicator shows a strong bearish momentum as seen in the deep depth of the histogram. On the other hand, the lighter tone of the indicator suggests that the bearish momentum has started to wane as the price action finds support at the $64.00 mark.
The EMAs are currently trading below the mid position as the net price movement over the past ten days remains negative. However, as the two EMAs begin to converge, the 12 EMA has started to rotate higher, which suggests increasing buying potential. At press time, both EMAs are heading lower, suggesting strong selling activity.
The RSI had been trading in the neutral region for some time, but yesterday fell into the oversold region. Now, the index has fallen to the level of the 19.59 unit where it is holding momentarily. The indicator is giving a buy signal at this time while the horizontal movement suggests a fight for dominance between the bulls and the bears.
Bollinger Bands are expanding with momentum to ease the recent move lower. However, the price finds support at the $64.00 mark, which may allow the bulls to stabilize the price action again. At press time, the lower line of the indicator provides support at $61.53, while the middle line presents a resistance level at the $70.69 mark.
Technical analysis for LTC/USDT
Overall, the 4-hour Litecoin price analysis issues a sell signal, with 14 of the 26 leading technical indicators supporting the bears. On the other hand, five of the indicators support the bulls showing an important bullish presence in the last hours. At the same time, seven indicators sit on the fence and do not support either side of the market.
The 24-hour Litecoin price analysis shares this sentiment and also issues a sell signal with 13 indicators suggesting a move lower versus just four of the indicators suggesting a move higher. Analysis shows bearish dominance on medium-term charts, while there is low buying pressure for the asset over the same time period. Meanwhile, nine indicators remain neutral and are not signaling at press time.
What to expect from Litecoin price analysis?
Litecoin price analysis shows that the strong bearish momentum allowed the bears to push the price down from the $76 level to the $64.00 mark. However, the bulls find short-term support at a level that may make things difficult for the bears.
Traders should wait for LTC to stabilize at the $64.00 price level, as there is strong support at the level. However, medium-term technical indicators are strongly bearish, suggesting further downside. In case of a break down, the next support level is found at $62.00 and then below the $60.00 mark.