TL;DR Breakdown
- Litecoin price expected to fall to the $120.00 mark.
- The closest support level lies at $130.00.
- LTC faces resistance in crossing above the $140.00 mark.
Litecoin price has fallen below the $140.00 mark and declined to the $130.00 mark. LTC continues its descent as the price failed in climbing above the $150.00 mark. Currently, LTC finds support at $130.00, but it does not seem like the support level would hold.
The broader cryptocurrency market observes a bearish movement across the last 24 hours as most major cryptocurrencies record a negative price action across the period.
Litecoin price overview: Litecoin price across January
Litecoin price had a strong start to 2021 as the price quickly found bullish support carrying the price to the $160 mark from lows of $120. LTC observed a correction at the price level but continued to rise and only stopped at the $180 level. The price failed to hold above the $180 level and subsequently fell back below the level.
The increasing bearish pressure caused the price to fall to the $110 level before stabilizing. The price recovered above the $140 level but failed to climb above the $160 level. As such, LTC continued to oscillate around the $150 mark until the 21st of January. Since then, the price had remained glued to the $140.00 level until yesterday when it declined below the level.
Technical indicators
Across the technical indicators, the MACD is bearish but shows decreasing selling momentum, as seen in the decreasing size of the histograms. The two EMAs are converging which suggests an increase in buying pressure. If the trend continues, the indicator will show a bullish reversal by the day’s closure.
The RSI is currently neutral but hangs low, suggesting bearish pressure on the price action. The indicator was moving downwards but has risen above after dipping below 40.00. The indicator shows a bullish reversal and moves back towards the 50.00 mark.
The Bollinger bands are narrow but show expansion suggesting increasing price volatility for LTC. The indicator is currently expanding on both sides, but it would suggest increasing bearish momentum activity if LTC falls below the $165.00 mark.
The four-hour technical analysis issues a sell signal as 17 of the 26 major technical indicators issue sell signals. On the other hand, only one indicator suggests a positive price action while the remaining eight indicators remain neutral, not leaning towards either side.
The 24-hour technical analysis shares this sentiment with 11 indicators suggesting a bearish price action across the timeframe. On the other hand, six indicators issue buy signals supporting a bullish movement. Meanwhile, nine indicators remain neutral and do not issue signals supporting either side.
What to expect from Litecoin price?
Traders should expect Litecoin price to fall to the $120.00 mark as the price action faces strong bearish pressure. The negative technical indicators reinforce this suggestion as the price continues its downwards movement across the daily frames.
Conversely, if buyers are able to hold above the $130.00 mark, LTC may observe a recovery to the $140.00 mark.
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.